Optimism in the Mining Sector

In Panama, activities related to mining are expected to increase by more than 10% in 2019, a growth that would be mainly due to copper extraction.

Monday, December 3, 2018

According to the Panamanian government, it is estimated that the economic activity of mining and quarrying will increase over 10% in 2019, as copper exports would exceed $2 billion per year.

Nowadays, the mining sector represents around 1.6% of the GDP, however, with the greater dynamism of the activity this proportion could increase up to 6% or 7%, in a maximum period of two years.

You may be interested in "Regional import of copper wire grows 38%"

Regarding the mining operation in Panama, which would largely explain the expected increase in activity in the sector, Zorel Morales, executive director of the Chamber of Mining of Panama (Camipa), said to Panamaamerica.com that "... When this mine is in operation, the copper export will be 350 thousand tons of copper annually, which will represent about 2,000 million dollars annually for the 34 years of concession. This, at the same time, represents around 5% of the national GDP'."

The article adds that "... It is expected that production from the mine will start between February and March 2019, but will not produce at full capacity immediately, this will be achieved gradually over the first year and a half, approximately."

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