Minera Panamá
in Central America
Tuesday, March 20, 2012
The World Bank will not participate in the financing of Minera Panama, even though the company has announced it will operate under the standards of the International Finance Corporation.
Minera Panama, a subsidiary of Inmet Mining, wants to gain new partners to capitalize on the copper mine that it operates in the province of Colon, with an investment of $4.32 billion.
Tuesday, March 6, 2012
As gold becomes an important export item, royalties paid by mining companies remain low.
Gold exports rose by 63% between 2010 and 2011, reaching $85.1 million last year. Petaquilla Gold, owner of the Molejon mine, became the largest exporter in the country.
With the growth of the industry, questions are being asked about the royalties paid to the Panamanian government by these mining companies, currently set at 2% of sales. Davidken Studnicki-Gizbert, an expert in the mining history of Latin America and North America, notes that each ounce of gold costs between $250 and $350 and sells at over $1,500, so a 2% royalty becomes "questionable."
Thursday, February 9, 2012
The National Environmental Authority has approved an environmental impact study by the Canadian company Minera de Panamá, S.A., but requires the company to hold a deposit or guarantee for future environmental damage.
Minera de Panama, SA aims to draw some 250 thousand tons of copper per year, and also extract molybdenum, gold and silver, reaching an annual turnover of almost $2 billion starting from 2016.
Monday, January 16, 2012
The future area of operations has been declared a protected area and the Panamanian authorities have imposed new requirements.
Inmet Mining Corporation, owner of Minera Panama, will have to meet new requirements in order to start building a copper mine in Donoso, Colon province, reported the National Environmental Authority (ANAM), as revealed by the Prensa Latina news agency.
Tuesday, January 10, 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.
Friday, January 6, 2012
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.
Tuesday, January 3, 2012
The approval of the Environmental and Social Impact study is an important step that enables the entry of other investors into the project.
Inmet Mining Corporation announced that the National Environmental Authority of Panama (ANAM in Spanish) approved on December 28, 2011, a Study for Environmental and Social Impact Assessment (ESIA) necessary for the development of the copper mining project ‘Cobre Panama’, which includies mining operations and connected infrastructure, a port facility and a coal-fired power plant.
Thursday, August 11, 2011
The company, a subsidiary of the Inmet Mining Corporation, requires local and international capital in order to develop the mining project.
The $5,000 million that Minera Panamá plans to raise for the construction of an open pit copper mine, will be negotiated with both Panamanian and foreign banks.
Thursday, August 4, 2011
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
Monday, August 1, 2011
Exports of gold have topped the list of goods sold abroad; in the first 5 months of 2011 they totalled $43.1 million.
The industry has almost tripled compared to the same period in 2010, when sales were $15.2 million, and has displaced products like bananas, pineapples, meat and fish.
Roberto Cuevas, president of the Mining Chamber of Panama (Camipa) attributed the increase to the start-up of Petaquilla Gold, which is extracting gold from Colon and exporting it to Canada.
Wednesday, July 27, 2011
Inmet's Board of Directors have approved the work plan for the mining project.
After several months of analysis, the Canadian company Inmet, one of the biggest players in the mining industry, will finally begin implementing the plan of work in the copper mine in Panama.
Tuesday, June 28, 2011
The Canadian company Inmet will define the participation of new partners for its mining project in mid 2012.
The company engaged in the exploration and extraction of minerals, led by its copper mining project in Panama, formerly known as Project Petaquilla, is examining options for getting additional capital and partners to develop the project.
Friday, June 3, 2011
The company, a subsidiary of Inmet Mining, has discovered a new highly mineralized deposit in areas under its concession.
The operation of the new reservoir would extend the term of operation in the country to beyond 2045.
"The site at Balboa provides a significant increase in the expansion of production and life of the mine, " adds Inmet Mining in a press release.
Friday, May 20, 2011
Through a share exchange with a subsidiary of Temasek Holding, Imnet Mining will receive $500 million for the Cobre Panamá project.
The Canadian company Imnet Mining Corporation, which owns 100% of Minera Panama SA, who in turn owns Cobre Panamá, have announced an exchange of share subscription receipts with Ellington Investments Pte Ltd., a subsidiary of Temasek Holdings (Private) Limited, which is owned by the Singaporean government. When the agreement is finalised, Imnet will have $500 million to be used in developing the Cobre Panamá project and other corporate purposes.
Tuesday, May 17, 2011
The Canadian company Minera Panama, SA announced that it will only pay a 2% royalty on profits to the Panamanian State.
The official response from the company was given last week, after several months of discussion with the current government, including after bringing up in the reform of the Mineral Resources Code (last February) the possibility of upgrading the royalties from 2% to 4%.
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2015