Panama: Mine Company Funded

The Mining Code’s reform allows Inmet to complete financing for $ 5.000 million needed to exploit Minera Panama’s copper mine.

Tuesday, March 1, 2011

Specifically, the reform opened the possibility for foreign states to invest in mining projects. For Canadian company Inmet, this could translate into including Korean state company Kores, representing a project investment of $ 625 million.

The project will be financed with 50% own capital and 50% with debt. Inmet will invest $ 1.000 million, Kores $ 625 million, $ 500 million in private placements and $ 375 million from other capitals. The remaining 50% will be funded through debt issuance.

More on this topic

Financing for Cobre Panama Complete

May 2012

After closing the bond issuance with $1.5 billion, Inmet Mining has announced that it has $6.2 billion funding available, to cover the cost of the mine in Donoso, Panama.

The board of Inmet Mining, parent company of Minera Panama, has given permission for the construction of a copper mine in Donoso, Colon province.

Inmet Sells 20% of Cobre Panama to Korean Holding Company

January 2012

Inmet Mining Corp. has announced the sale of 20% of its copper mining project in Panama for $155 million.

The buyer is Korea Panama Mining Corporation (KPMC), a holding company owned by the South Korean KS-Nikko Copper and the state run South Korean company Korean Resources Corporation.

Korean Company Buys 20% Of Panamanian Copper Mine

March 2010

LS-Nikko will take a 20% stake in the copper mining project “Cobre Panama”.

The remaining 80% will be controlled by Inmet Mining Corporation. It will be located in Coclé del Norte, and will require a $3.5 billion investment.

From the press release: “LS-Nikko, through its wholly owned subsidiary, Korea Panama Mining Corporation (KPMC), has decided to keep its option to acquire an equity interest in Minera Panama, S.A.

Panama: Korean Mining Company Will Invest in Copper Project

October 2009

Korean company LS-Nikko could invest up to $260 million in copper mining project "Cobre Panama".

LS-Nikko signed an option agreement with Canadian company Inmet Mining Corp, owner of the project. Under the agreement, LS-Nikko will have the option to acquire between 20% and 30% of the copper mining project "Cobre Panama" (Minera Panama S.A.), depending on how much it invests in it.

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