Inmet shares drop as Panama mining law repeal weighs
Friday, March 04 2011 @ 05:33 PM UTC
Contributed by: Don Winner
Editor's Comment: Following along now? Law 8 had nothing to do with the development of Cerro Colorado in the comarca, and everything to do with trying to find a way to help Inmet obtain financing and partners for their Cobre Panama project, the rights to a concession they obtained in the divorce from Petaquilla. I bet there are mechanisms in existing bilateral free trade agreements between Panama and Canada as well as between Panama and South Korea that would allow for much of what needs to happen anyway, with or without Law 8. The whole Law 8 thing came up after South Korean president Lee Myung-bak visited Panama in June 2010. They wanted assurances from the Panamanian government before they committed a couple of billion dollars to help Inmet build their mine. That's why after Law 8 was passed, Vice President Juan Carlos Varela personally called the South Korean president to let him know they had gotten the deal done. I wondered who called him yesterday to tell him "never mind..."