The company has said it is not ruling out expanding the capacity of power generation at the coal-based plant from 300 MW to 600 MW.
The announcement was made by the country manager of the company, Todd Clewett, who confirmed to Capital.com.pa that the land where the plant is located has enough to size double the floor space if required.
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.
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.
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.
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.
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.
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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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.
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