The company Petaquilla Minerals Ltd, which operates the Molejón project, placed $40 million in private debt.
According to a release by the company, part of this placement will be used for financial readjustments and the remainder will be used in the mining project operation and as working capital.
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 Petaquilla Mining project for the exploration of copper, selected the CH2M HILL Company to carry out the preliminary engineering for a new carbon plant.
The plant will be located in Punta Rincon, Colon, and will provide energy for the copper mine and support installations.
Isagen, a Colombian company, is preparing a feasibility study for the construction and operation of a power plant at the Petaquilla mining concession in Panama.
The aim is to provide electricity not only to Petaquilla but also to other mines in the area.
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