A consortium made up of the state company Kores and LS-Nikko Cobre Inc. has announced the start of the operations in the Cobre Panama mining project in the first half of the year.
The announcement by state-run Korea Resources Corporation comes a few days after the approval by Panama’s National Environmental Authority, of the development plans for the mines in the Cobre Panama project.
The Mining Code’s reform allows Inmet to complete financing for $ 5.000 million needed to exploit Minera Panama’s copper mine.
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.
Eximbank, a South Korean state-owned bank, closed an agreement with Inmet and a Korean consortium to develop the copper mining project known as Cobre Panama.
The agreement states that Eximbank will provide financial support to the project, which also involves Canadian mining company Inmet and a South Korean consortium composed of Korea Resources, LS-Nikko Copper and Korea Export Insurance (KEIC).
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.
Inmet Mining, owner of the copper mining project "Panama Cobre" plans to complete construction in 2014.
Environmental studies would be ready in the first quarter of 2010, and detailed engineering would begin mid-2010.
According to MiningWeekly.com, "The company has completed a drilling programme on the project, and is compiling the data it will need for mineral resource and reserve statements", which Inmet estimates at 150.000 t/d throughput rate for 30 years.
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