Korean Consortium to Develop Copper Mine in Panama

The announcement by state-run Korea Resources Corporation comes a few days after the approval by Panama’s National Environmental Authority, of the development plans for the mines in the Cobre Panama project.

According to a press release issued by Kores and reported by Yonhap, the positive evaluation of the environmental and social impacts studies by Panamanian authorities allows the construction of roads, ports and coal-fired plant in an integrated manner.

"These facilities are vital to the site, which will be partially developed by the South Korean consortium and will be able to produce, according to forecasts, more than 2,140 million tonnes of copper and molybdenum", reported the online newspaper Prensa.com

Source: Prensa.com

More on this topic

Cobre Panama’s Environmental Report Approved

January 2012

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.

Korea’s Eximbank to Finance Panamanian Mining Project

June 2010

Eximbank, a South Korean state-owned bank, closed an agreement with Inmet and a Korean consortium to develop the copper mining project known as Cobre Panama.

The agreement states that Eximbank will provide financial support to the project, which also involves Canadian mining company Inmet and a South Korean consortium composed of Korea Resources, LS-Nikko Copper and Korea Export Insurance (KEIC).

Minera Panama Could Extend Term for Mining Operations

June 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.

"The site at Balboa provides a significant increase in the expansion of production and life of the mine, " adds Inmet Mining in a press release.

Inmet Sells 20% of Cobre Panama to Korean Holding Company

January 2012

Inmet Mining Corp. has announced the sale of 20% of its copper mining project in Panama for $155 million.

The buyer is Korea Panama Mining Corporation (KPMC), a holding company owned by the South Korean KS-Nikko Copper and the state run South Korean company Korean Resources Corporation.