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.

Source: laestrella.com.pa

More on this topic

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. "

Panamanian Copper Mine Plan Approved

July 2011

Inmet's Board of Directors have approved the work plan for the mining project.

After several months of analysis, the Canadian company Inmet, one of the biggest players in the mining industry, will finally begin implementing the plan of work in the copper mine in Panama.

Panama: Copper Mine Company Seeks New Partners

June 2011

The Canadian company Inmet will define the participation of new partners for its mining project in mid 2012.

The company engaged in the exploration and extraction of minerals, led by its copper mining project in Panama, formerly known as Project Petaquilla, is examining options for getting additional capital and partners to develop the project.

Copper Mine Submits Environmental Impact Study

September 2010

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

Also known as Cobre Panama, the $3.5bn project is operated by Minera Panama S.A., 100% owned by Canadian corporation Inmet Mining.

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