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 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.
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. "
With an offer of $5.1 billion, the Canadian mining company has finally gained control of the Cobre Panama mining project.
As indicated by The Globe and Mail, holders of more than 61% of the shares of Inmet Mining accepted the hostile bid from First Quantum, for more than $5 billion in cash and shares.In theory, the purchase could fall if another friendly bidder appeared, but this is seems very unlikely, says the newspaper.
After reaching the deadline for Inmet Mining shareholders to accept the sale offer by First Quantum, the results are still not known.
Laestrella.com.pa reports that "With a few hours to go to beat the deadline yesterday on the purchase offer by the Canadian mining company First Quantum (FQM) for its peer Inmet Mining (IMN) -holding company of Minera Panama - the pressure increased to convince shareholders to sell their shares.'
Armstrong Equipment, Inc. is an American based company that specializes in the distribution to Latin America of equipment and parts used in the mining sector, rock crushing and asphalt paving.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
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Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
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