Varela Discusses Copper Mine Project
Tuesday, April 27 2010 @ 04:54 PM UTC
Contributed by: Don Winner
Regarding environmental concerns surrounding this practice, he said they are studying environmental laws that allow foreign companies to participate in the development of mining in the country. "I am aware there are concerns in the environmental sector, but we cannot close the door to the growth of the country," he said. For his part, Julio Cesar Castillo, Director of Environmental Quality of the ANAM, said they would audit the operation to ensure 100% compliance with environmental laws. He reiterated that it falls to ANAM to reduce the environmental impact of all projects to obtain sustainable development. (Panama America)
Editor's Comment: This is probably a reference to the Inmet project and South Korea's LS-Nikko Copper. Last year, Inmet agreed to give South Korea's LS-Nikko Copper the right to acquire a 20 percent right in Cobre Panama. This is the huge open pit copper mine project I've been talking about for quite some time, which could end up being one of the largest copper deposits in the world. The Koreans probably don't trust the Panamanian business environment and have concerns over corruption. They are most likely afraid of making a substantial commitment to the project without concrete guarantees, which will probably emerge from the discussions between Martinelli and Lee Myung-Bak.