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Tuesday, May 21 2019 @ 10:31 PM UTC

Spain builders granted exclusive bidding for 1.5 bln eur Panama project

Foreign Direct Investment MADRID (AFX) - Spanish builders have been granted exclusive bidding rights for a 1.5 bln eur port construction project in Panama, La Gaceta de los Negocios reported, citing unnamed sources close to the deal. According to the newspaper, the project is part of the mining complex that Canadian Petaquilla Minerals (otcbb: PTQMF.OB - news - people ) is promoting to the east of the country, some 100 km from the Panama Canal. Fomento de Construcciones y Contratas SA, Actividades de Construccion y Servicios' Dragados unit, Grupo Ferrovial SA, San Jose and Isolux Corsan SA have all shown interest in the project, and have met with Panama authorities, the newspaper said.

Editor's Comment: Petaquilla's plan is to remove the gold and copper bearing raw materials from Panama and process them in China. They have been looking at the cost vs. benefit analysis of trucking the crushed rock to Bahia la Honda or bringing it down via pipeline in a slurry. It's clear that at this point they will start operations using trucks and then maybe in the future change to the pipeline system. In any case, the road they are building from the mining site down to Bahia la Honda where this new port facility will be built will be an industrial and heavy equipment road, with literally dozens or hundreds of heavy vehicles passing every day. Heads up.

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