Between 2015 and 2016 the total volume of imported copper wire in Central America increased by 9%, going from 16 thousand tons to 18 thousand tons.
Figures from the information system on the the Copper Wire Market in Central America, compiled by the Business Intelligence Unit at CentralAmericaData: [GRAFICA caption = "Click to interact with the graph"]
The Instituto Costarricense de Electricidad is inviting bids for the supply of materials for improvement of the copper network.
Costa Rica Government Purchase 2014LA-000009-4402 :
"Materials for improvements to Copper Network (delivery on demand)."
Among the materials to be supplied are: galvanized steel clamps, telephone wires, steel belts, anti-slip iron covers, copper cables and telephone cables.
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.
Estimates are that there are $200 billion worth of metals in the Panamanian subsoil, with copper predominating.
Although the largest proportion of mining reserves is copper, the four gold deposits identified alone are valued at about $5 billion.
Anpanama.com reports that "... The Panamanian government has granted in concession most of these deposits and their exploitation is currently in different stages, yet none have passed the stage of mining, which is when the material is excavated. At the moment Minera Panama has under construction the Panama Cobre mine which involves an investment of $6 billion.The Cobre Panama mine will be in production in late 2017 or early 2018. Another major project in gold and silver is Petaquilla Gold, which is currently paralyzed due to financial problems. "
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.
First Quantum has announced that operations at the mine in Panama have temporarily stopped due to an illegal work strike by the employees involved in the project.
From a press release issued by First Quantum Minerals Ltd.:
"First Quantum Minerals Ltd. ("First Quantum" or "the Company") (TSX: FM) (LSE: FQM) today announced that activity has stopped the in the Cobre Panama project due to an illegal work strike by some members of the workforce.
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 has announced that the copper mine will produce 20% more than originally estimated, but the start of operations will be delayed until 2017.
The delay in the start of operations of the Cobre Panama mine, purchased by the Canadian company First Quantum last year, will mean higher costs.
"The mining company said it signed a bank loan of $2.5 billion over a five-year term to cover part of its capitalization.
With mineral reserves estimated at $200 billion, continued growth is projected for an industry that in 2013 produced $553 million.
Already identified are 50 billion pounds of copper, 12 million ounces of gold, 25,000 ounces of silver and 250 tons of molybdenum, which at current prices amount to $200 billion.
"Of this total, 53% must stay in the country in the form of taxes on income and dividends," said Zorel Morales, Executive Chairman of the Mining Chamber of Panama.
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 bonds in question were issued by FQM Akubra, a FQM subsidiary which merged with Inmet Mining Corporation ("Inmet") earlier this year, following the completion of a tender offer, made by Inmet FQM.
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.'
The two large mining projects in Panama have agreed on terms of cooperation, trade relations and dispute resolution.
From a statement by Inmet Mining Corporation:
Inmet Mining Corporation (TSX: IMN) and its subsidiary, Minera Panama SA ("MPSA") and Petaquilla Minerals Ltd. ((TSX: PTQ) with some of its subsidiaries (collectively, "Petaquilla") are pleased to announce the signing of a term sheet which establishes a binding agreement between the companies related to the purchase of aggregates, access and use of land, settlement of certain claims, remission of royalties to be received by IMN, and leasing of a camp site for the benefit of mining operations of Petaquilla and MPSA in the district of Donoso, Panama.