CANADIAN MINING PERSPECTIVE: Inmet raises $500 million for mine in Panama
Monday, April 05 2010 @ 01:11 PM UTC
Contributed by: Don Winner
Much remains to be done this year. Inmet plans to complete the front-end engineering and design (FEED) study, submit an updated 43-101 resource estimate, submit the environmental impact assessment to the Panamanian authorities, and more. The company says environmental approval and construction permitting is expected to take 12 months. Construction would take another 48 months. By my estimate, that puts initial production in 2015, unless there are unforeseen delays.
The new mine could provide the foundation for Inmet to grow for the next 30 years. The company produced approximately 125,000 tonnes of copper from five operating mines in 2009. Compare that to over 280,000 tonnes of copper in each of the first 16 years of operation, and the importance of Cobre Panama is clear. With a continued rising price of copper, Inmet looks to have a winner in the making.