in Central America
Tuesday, January 28, 2014
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.
Tuesday, December 3, 2013
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.
Friday, October 25, 2013
The approval of a draft contract-law in favor of Vera Gold Corp. would ensure an investment of more than $50 million in the former Santa Rosa mine.
This contract-law must first be approved by the Panamanian Congress. The lawyers explained that the aim of this type of concession by law is to protect the company.
Tuesday, July 9, 2013
Hotels, car rental agencies, and businesses in general have been affected by the disruption of mining operations in the province of Cocle, Panama, since last April.
Three months after the cessation of operations at the gold and copper mines especially in the city of Penonomé and Graffiti, activities related to these projects have dropped considerably.
Wednesday, April 3, 2013
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. "
Thursday, March 21, 2013
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.
Wednesday, February 27, 2013
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.
Monday, February 18, 2013
The office of the National Immigration Service at Penonomé, Cocle, will address the requirements of the inhabitants of the area, giving priority to employees of the mining company.
From resolution number 18972 by the National Immigration Service:
FIRST: Created within the organizational structure of the National Immigration Service, a Special Office, located in the District of Penonomé, Cocle Province.
Friday, December 14, 2012
Inmet Mining Corporation has announced that reserves in the Minera Panama copper project are 27% higher than initially estimated.
The company also reported a 41% increase in gold reserves.
According to a press release, the estimated copper reserves are
Thursday, November 29, 2012
Inmet Mining, which owns the copper mining megaproject in Panama, has rejected a $4.89 billion takeover bid.
First Quantum Minerals Ltd, a larger mining company based in Canada, made an unsolicited offer of $4.89 billion, or $70 per share for Inmet Mining, which was rejected by its board, for being "highly conditional" and not in the best interest of its shareholders.
Tuesday, November 6, 2012
The hostile bid by Inmet Mining to acquire the mining company Petaquilla Gold did not have sufficient support from the shareholders of the latter.
Inmet reported that the minimum conditions of its offer were not met and therefore it was not able to acquire any Petaquilla shares regarding its $133 million proposal.
The companies operate mining projects in neighboring areas.
Wednesday, October 24, 2012
The conflict between Minera Panamá and Petaquilla Gold over land for mineral extraction in Panama will have to go to international arbitration.
In 2010 Minera Panama, a subsidiary of Inmet Mining, asked the Ministry of Economy and Finance (MEF) to lease 7.453 hectares for the development of an ambitious project to extract copper, bordering the mining concession that the company has had since 1997.
Tuesday, October 9, 2012
In the Caribbean coast, in the area granted in concession by Panamanian government, the mining company has instructed the Spanish builder Sacyr Vallehermoso to construct a deepwater port.
An article in Laprensa.com reports that "Minera Panama has commissioned the construction of a deepwater port on the Caribbean coast of Panama by the company Sacyr Vallehermoso, the first contract obtained by the Spanish construction in this country since construction of the Canal Expansion. "
Wednesday, October 3, 2012
The Panama Maritime Authority has granted a concession for 20 years to Minera Panama SA covering eight acres in Punta Rincon, in the province of Colon, for the construction of its port.
According to Resolution No. 130, published in the Official Gazette 27132, Minera Panama is authorized to construct a port in the district of Donoso, where from 2016 it will load copper concentrate which has been extracted from its mining concession located in the same district.
Friday, September 21, 2012
Inmet Mining Corporation has reiterated its intention to purchase common shares of Petaquilla Minerals, on the condition that the company does not make firm the debt issuance of $210 million it has announced.
On September 5 Inmet Mining announced its intentions for a hostile takeover of Petaquilla, the mining company owner of Mina Mollejón in Panama. Less than a month before, on July 17, Petaquilla announced intentions to issue bonds due in 2017 for $210 million, which would be used to finance capital expenditure on its operations in Panama and the Lomero-Poyatos mine in Spain.