Estimates are that there are $200 billion worth of metals in the Panamanian subsoil, with copper predominating.
Although the largest proportion of mining reserves is copper, the four gold deposits identified alone are valued at about $5 billion.
Anpanama.com reports that "... The Panamanian government has granted in concession most of these deposits and their exploitation is currently in different stages, yet none have passed the stage of mining, which is when the material is excavated. At the moment Minera Panama has under construction the Panama Cobre mine which involves an investment of $6 billion.The Cobre Panama mine will be in production in late 2017 or early 2018. Another major project in gold and silver is Petaquilla Gold, which is currently paralyzed due to financial problems. "
With mineral reserves estimated at $200 billion, continued growth is projected for an industry that in 2013 produced $553 million.
Already identified are 50 billion pounds of copper, 12 million ounces of gold, 25,000 ounces of silver and 250 tons of molybdenum, which at current prices amount to $200 billion.
"Of this total, 53% must stay in the country in the form of taxes on income and dividends," said Zorel Morales, Executive Chairman of the Mining Chamber of Panama.
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
Calibre will act as the project operator, via a purchase option agreement with B2Gold, which could leave them with 51% of concessions in the Borosi area subject to financing $8.32 million worth of costs by June 2014.
A Special Cabinet Council approved a bill revoking Law 8 of February 11, 2011, which amends the Mining Code.
The reform, which is now no longer in effect, had intended to boost the exploitation of mining resources in Panama by, among other things, allowing foreign governments to become shareholders in mining companies.
Provisions establishing penalties for corporate irregularities are also no longer in effect.
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.
Inmet, owner of Minera Panamá, will be able to reach an agreement with the government of Singapore to make it possible for it to take part in the Donoso copper mining project.
The final decision on the $500 million investment by Singapore is dependent on changes being made to Panama's mining code, which until now has prohibited the participation of foreign governments in the industry.
Petaquilla Gold is looking to expand its Panamanian operations, this time to mine copper.
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.
Calibre Mining Corp. executed an option to purchase 100% of a copper and gold mine from Yamana Gold Inc. in Nicaragua.
Calibre announced the purchase of 70,976 hectares located in the North Atlantic Autonomous Region of Nicaragua, an area that covers the historic Mining Triangle area, covering the municipalities of Siuna, Bonanza and Rosita. According to the press release from the company, the Mining Triangle is one of the most productive mining areas in Central America.
Petaquilla Minerals Ltd, based in Vancouver, will begin to produce gold in the next few weeks at the Molejon project in Panama.
The project will produce 100,000 ounces of gold in 2009 and will maintain that level for at least six years, Bassam Moubarak, company financial director, said to Reuters.
The announcement was made after a series of delays and several complaints about environmental issues.
Inmet Mining Corp will continue with the Petaquilla copper project for at least through out the permit request phase.
Then they will make a final decision on construction based on the price of the metals at that moment, they said. "We believe (...) that it is appropriate to continue at Petaquilla, but we continue to be disciplined and will find the proper balance between continuing with the project and maintain our money in reserve," the president of operation of Inmet, Jochen Tilk, said during a teleconference.