The project consists of the construction, in the province of Colon, of a processing plant and a mine, from which it is expected that 320 thousand tons a year will be extracted from 2018.
In addition to the processing plant and the mine, a subsidiary of First Quantum Minerals, in charge of the work, is building a power 300 MW plant and and a port area, where the concentrate will be filtered and loaded for transport in ships.
The Securities Commission of British Columbia in Canada, has issued a resolution barring the two top executives of Petaquilla from trading shares of the company until financial information is presented for the period ending July 2014.
Problems continue for Petaquilla Minerals, which breached a salary payment arrangement that should have been finalized in October and it has now been reported that two of its executives have been banned from buying or selling shares in the company.
The company Minera Panama has made an agreement to resume construction work at the mine after reaching an agreement with workers over working schedules.
After construction stopped in the Cobre Panama mine project on June 27, due to a labor dispute with workers of the project, the company First Quantum Minerals has said it has reached an agreement to resume work.
As part of the agreement a profile of the market has been created containing the requirements, permits and conditions for export to the Asian nation.
Nicaragua's National Assembly has adopted a Framework Cooperation Agreement between Nicaragua and South Korea. Among other things, the agreement aims to strengthen bilateral relations between the two countries improving trade and provide technical training and education to workers.
First Quantum is under scrutiny from Moody's because of a conflict the mining company has with bondholders.
The debt ratings for First Quantum, a holding company of Minera Panama, will be revised downwards by the rating agency Moodys, after the company reported in late November a dispute with bondholders over debt in the amount of $2 billion.
The new owner of the Cobre Panama project has canceled contracts and reduced its workforce, affecting the economy of the Cocle zone.
The restructuring undertaken by First Quantum in the Cobre Panama project after having bought it from Inmer Mining has affected commercial activity in Cocle. The slowdown in project development, reduction in the payroll of workers and termination of some contracts with local companies have caused many businesses in the area to see falling sales.
The area is seeing new banks, restaurants, hotels and shopping centers as well as a boom in housing construction and the renovation of transport systems.
The Comptroller General of the Republic, has revealed that at the end of 2012 the value of gold exports reached $115.7 million. "So far, the only company in the process of exploitation is Petaquilla Gold, though it is expected that the end of 2016 will see the start of the Cobre Panama project (as it was called by Minera Panama, predecessor in the concession), now First Quantum", reported Laestrella.com.pa.
Following the acquisition of Inmet Mining, the former owner of the mega mining project in Panama, First Quantum has suspended construction contracts with SNC-Lavalin, for $120 million.
A statement by SNC-Lavalin notes that, "First Quantum Minerals, which recently acquired a majority stake in Inmet Mining Corporation (Inmet), and took control of the Cobre Panama project, typically directs and executes its projects based on direct internal recruitment procedures, looking for external experience only when necessary. "
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