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Thursday, May 23 2019 @ 05:08 PM UTC

Inmet-foreign state-owned entity funding in Panama 'viable'

Gold & Mining(Reuters) - Inmet Mining Corp said financing a copper-gold project in Panama through foreign state-owned entities was still a viable option, despite the country's plan to repeal a law allowing foreign government investment in mines within the Central American country. The law, passed less than a month ago, is crucial to Inmet as it plans to partner with Singapore's state investor Temasek and Korea Resources Corp to finance and build its $4.3 billion Cobre Panama copper-gold project in the country. "As to the potential investment of foreign government owned entities in the project, Inmet will seek further clarification during the repeal process but remains of the opinion that such investment is still a viable option," the Canada-based miner said in a statement. In an interview with Reuters on Friday, Inmet's Chief Executive Jochen Tilk said it was still unclear whether the company would be a part of the consultation process that the government plans to initiate. Tilk stressed that the government's move does not block the development of the project, but he conceded that Inmet may have to look at other alternatives for financing the project. Shares of Inmet fell 7.4 percent and closed at C$64 Friday on the Toronto Stock Exchange on fears that the repeal of the law could hurt its plans to finance the project. (Reporting by Savio D'Souza; Editing by Prem Udayabhanu)
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