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.
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.
The future area of operations has been declared a protected area and the Panamanian authorities have imposed new requirements.
Inmet Mining Corporation, owner of Minera Panama, will have to meet new requirements in order to start building a copper mine in Donoso, Colon province, reported the National Environmental Authority (ANAM), as revealed by the Prensa Latina news agency.
The approval of the Environmental and Social Impact study is an important step that enables the entry of other investors into the project.
Inmet Mining Corporation announced that the National Environmental Authority of Panama (ANAM in Spanish) approved on December 28, 2011, a Study for Environmental and Social Impact Assessment (ESIA) necessary for the development of the copper mining project ‘Cobre Panama’, which includies mining operations and connected infrastructure, a port facility and a coal-fired power plant.
The initiative reforming the Code of Mineral Resources was presented to the National Assembly.
The project, which amended Act 23 of 1963 increases fees, royalties and fines for the mining sector.
The entities responsible for ensuring proper management of the projects will work together with the Commerce Ministry and the National Environmental Authority.
Modifications planned to the Mining Resources Code also include requirements for environmental studies.
In addition to the increase in royalties from 2% to 4%, the reforms to the Mining Resources Code that the Panamanian government is working on will include the payment of taxes as soon as companies generate revenue, as well as the requirement for environmental impact assessments (EIAs).
Since operations began in January 2010, it has had sales of $36 million, paid production expenses of $21 million and sold each ounce for between $945 and $1,152.
The company was granted mining rights on 18 November 2009 and will pay the state 4% of gross earnings over the 20 years it plans to operate.
Each ounce of gold Petaquilla extracts costs the company $600.
The designated Deputy Minister of Trade and Industry, Ricardo Quijano, will seek a balance between environment and sustainable development.
The priorities of the new Ministry of Trade and Industry will be to review mining concessions and verify the current law on this matter for possible changes in favor of sustainable environmental development in Panama.
The environmental impact study (EIA) for mining exploration in Cerro Chorcha by Cuprum Resources Corp. was rejected.
The National Environmental Authority (ANAM) rejected the EIA primarily because the project is in protected areas and districts.
Mónica Palm, Prensa.com journalist, explained that "the concession that Cuprum has had since early 2006 is for conducting exploration for gold and other minerals in an area comprising 24.3 hectares, distributed in the province of Chiriquí and the Ngöbe Buglé Region."
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