27% More Copper in Minera Panama

Inmet Mining Corporation has announced that reserves in the Minera Panama copper project are 27% higher than initially estimated.

Friday, December 14, 2012

The company also reported a 41% increase in gold reserves.

According to a press release, the estimated copper reserves are
26,000 million pounds and 7.3 million ounces of gold.

The projected increase of the material extends the mine’s estimated lifespan from 31 to 40 years.

More on this topic

Estimated Production of Cobre Panama Raised by 20%  

January 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.

First Quantum Suspends Cobre Panama Mine Contracts

April 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. "

Cobre Panama’s Environmental Report Approved

January 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.

Change to Mining Law Will Enable $500 Million Deal

August 2010

Inmet, owner of Minera Panamá, will be able to reach an agreement with the government of Singapore to make it possible for it to take part in the Donoso copper mining project.

The final decision on the $500 million investment by Singapore is dependent on changes being made to Panama's mining code, which until now has prohibited the participation of foreign governments in the industry.

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