español$3.5 billion mega mining project in ColonMonday, November 17, 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. 27% More Copper in Minera PanamaFriday, December 14, 2012 Inmet Mining Corporation has announced that reserves in the Minera Panama copper project are 27% higher than initially estimated. The company also reported a 41% increase in gold reserves. Minera Panama Could Extend Term for Mining OperationsFriday, June 3, 2011 The company, a subsidiary of Inmet Mining, has discovered a new highly mineralized deposit in areas under its concession. The operation of the new reservoir would extend the term of operation in the country to beyond 2045. Agreement Between Minera Panama and PetaquillaWednesday, February 27, 2013 The two large mining projects in Panama have agreed on terms of cooperation, trade relations and dispute resolution. From a statement by Inmet Mining Corporation: Minera Panama to Have its Own Immigration OfficeMonday, February 18, 2013 The office of the National Immigration Service at Penonomé, Cocle, will address the requirements of the inhabitants of the area, giving priority to employees of the mining company. From resolution number 18972 by the National Immigration Service: Royalties from Minera Panamá and Petaquilla GoldMonday, August 20, 2012 Although the law does not require them to, the two mining companies pay voluntarily royalties of 4% to the Panamanian State. Both mining companies indicated to Capital Financiero that although there was an amendment to the Code of Mineral Resources in Law 13 of April 3, 2012, their concession contract with the Panamanian state is governed by Law 9 of February 27, 1997 , therefore the changes made to the reform are not applicable to their activity. Land Concession Granted to Minera PanamaWednesday, October 3, 2012 The Panama Maritime Authority has granted a concession for 20 years to Minera Panama SA covering eight acres in Punta Rincon, in the province of Colon, for the construction of its port. According to Resolution No. 130, published in the Official Gazette 27132, Minera Panama is authorized to construct a port in the district of Donoso, where from 2016 it will load copper concentrate which has been extracted from its mining concession located in the same district. Minera Panama to Invest $45 million in PortTuesday, October 9, 2012 In the Caribbean coast, in the area granted in concession by Panamanian government, the mining company has instructed the Spanish builder Sacyr Vallehermoso to construct a deepwater port. An article in Laprensa.com reports that "Minera Panama has commissioned the construction of a deepwater port on the Caribbean coast of Panama by the company Sacyr Vallehermoso, the first contract obtained by the Spanish construction in this country since construction of the Canal Expansion. " First Quantum Suspends Cobre Panama Mine ContractsWednesday, April 3, 2013 Following the acquisition of Inmet Mining, the former owner of the mega mining project in Panama, First Quantum has suspended construction contracts with SNC-Lavalin, for $120 million. A statement by SNC-Lavalin notes that, "First Quantum Minerals, which recently acquired a majority stake in Inmet Mining Corporation (Inmet), and took control of the Cobre Panama project, typically directs and executes its projects based on direct internal recruitment procedures, looking for external experience only when necessary. " Minera Panamá Seeks $5,000 millionThursday, August 11, 2011 The company, a subsidiary of the Inmet Mining Corporation, requires local and international capital in order to develop the mining project. The $5,000 million that Minera Panamá plans to raise for the construction of an open pit copper mine, will be negotiated with both Panamanian and foreign banks. Problems in Mining ProjectWednesday, March 14, 2018 The protests which since the beginning of the year have been held by workers in the Cobre Panama project in Colón have paralyzed work on the power line and the 300 MW thermoelectric plant. The labor dispute that has prevented the project from progressing arose after both parties, the workers' union and the company Minera Panamá, accused each other of not complying with some points of the agreement made between them in January, with intermediation on the part of the Ministry of Labor. Minera Panama Could Double Electricity GenerationWednesday, January 13, 2016 The company has said it is not ruling out expanding the capacity of power generation at the coal-based plant from 300 MW to 600 MW. The announcement was made by the country manager of the company, Todd Clewett, who confirmed to Capital.com.pa that the land where the plant is located has enough to size double the floor space if required. Consequences of Sale of Cobre Panama MineTuesday, December 3, 2013 The new owner of the Cobre Panama project has canceled contracts and reduced its workforce, affecting the economy of the Cocle zone. The restructuring undertaken by First Quantum in the Cobre Panama project after having bought it from Inmer Mining has affected commercial activity in Cocle. The slowdown in project development, reduction in the payroll of workers and termination of some contracts with local companies have caused many businesses in the area to see falling sales. Mining Land Dispute Goes to ArbitrationWednesday, October 24, 2012 The conflict between Minera Panamá and Petaquilla Gold over land for mineral extraction in Panama will have to go to international arbitration. In 2010 Minera Panama, a subsidiary of Inmet Mining, asked the Ministry of Economy and Finance (MEF) to lease 7.453 hectares for the development of an ambitious project to extract copper, bordering the mining concession that the company has had since 1997. Minera Panama Will Only Pay 2% RoyaltyTuesday, May 17, 2011 The Canadian company Minera Panama, SA announced that it will only pay a 2% royalty on profits to the Panamanian State. The official response from the company was given last week, after several months of discussion with the current government, including after bringing up in the reform of the Mineral Resources Code (last February) the possibility of upgrading the royalties from 2% to 4%. |
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Thursday, April 9, 2020 - last update: 5:38 pm
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