Within a reorganization process at Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd., the company Azuero Mine was created. It will exploit gold and copper deposits in "El Chorcha" (Chiriquí), "Cerro Quema" (Los Santos) and "Santa Rosa" (Veraguas), where the mining potential is estimated at $80 billion.

"The new company would be officially established in 120 days, which would invest $50 million in the next 5 years", reports Laestrella.com.pa.

Source: estrelladepanama.com

More on this topic

Panama Tenders Cerro Colorado Mine

January 2011

The Government announced that it will launch a tender for the exploitation of copper deposits in Cerro Colorado.

Through the tender a company will be selected to join the State Mining Development Corporation Cerro Colorado (Codemin) and perform the exploitation of one of the largest copper reserves in Latin America.

Panama Cancels Cooper and Gold Concession

September 2010

The mining field known as “Cerro Chorcha”, with estimated reserves of 2.17 million pounds of copper and 449.000 gold ounces, is now a reserved mining area.

Roberto Henríquez, Commerce and Industry Minister, explained they decided against renewing the mining exploration concession granted to Cuprum Resources Corp on 2006, which expire on April 2010, due to the company’s lack of compliance with some requisites.

"Cobre Panama" Copper Mining Project for 2014

October 2009

Inmet Mining, owner of the copper mining project "Panama Cobre" plans to complete construction in 2014.

Environmental studies would be ready in the first quarter of 2010, and detailed engineering would begin mid-2010.

According to MiningWeekly.com, "The company has completed a drilling programme on the project, and is compiling the data it will need for mineral resource and reserve statements", which Inmet estimates at 150.000 t/d throughput rate for 30 years.

$3.5 billion mega mining project in Colon

November 2008

A Panamanian company with Canadian capital is currently evaluating the construction and operation of a large scale copper mine.

Minera Panama is looking at investing some $3.5 billion in a mega project to extract copper.

The project will be located in Northern Cocle and San Jose del General in the district of Donoso in the province of Colon.