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.

With the announcement of the approval by the ANAM for the Study for the Environmental and Social Impact of the project, Korea Panama Mining Corp. (KPMC), a joint venture between Korea Resources Corporation and LS-Nikko Cobre Inc., has until January 10 2012 to notify Inmet of their decision to acquire a 20% stake in the project. If KPMC exercises its option, it is anticipated that the deal will be finalized 30 working days afterwards. KPMC will invest approximately $155 million according to the option details.

Source: Inmet Mining Corp