Environmental Guarantee Demanded of Mining Company

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.

Thursday, February 9, 2012

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.

"Among the requirements insisted on by the Panamanian government is that the mining company of Canadian origin 'creates an adequate financial guarantee, to address potential environmental liabilities of the mine during its operations, closure and post-closure or any unforeseen circumstances', " reported Laestrella.com.pa.

The operating license of the company is for 30 years.

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Minera Panama presented its environmental impact study for its copper mining project.

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Mercedes Morris, head of external relations at Minera Panama, explained that the 14,000-page study had a cost of $16 to $17 million.