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Saturday, July 26 2014 @ 03:06 AM EDT

Inmet completes Basic Engineering for Cobre Panama Project

Gold & MiningInmet Mining has announced the completion of basic engineering for the USD 6.2 billion Cobre Panama project. - Inmet Mining has announced the completion of basic engineering for the Cobre Panama project and the launch of a financing plan to fully fund Inmet's 80 per cent share of the related development costs. The mine was expected to ship its first consignment of concentrate during the first quarter of 2016.

Toronto (ON), Canada – The Cobre Panama project, located in the Donoso District of Panama, is owned by Minera Panama (MPSA), an 80 per cent owned subsidiary of Inmet. Cobre Panama is one of the largest undeveloped copper porphyry deposits in the world. MPSA has completed the most important steps of permitting and Basic Engineering, and is now ready to start construction. Korea Panama Mining Corporation (KPMC), a consortium of LS-Nikko Copper and Korea Resources Corporation, owns 20 per cent of MPSA and is Inmet's partner in the project. Upon closing of the proposed offering of senior, unsecured notes described in a separate press release issued today, Inmet would authorize the issuance of a "Full Notice to Proceed" for major construction.

Jochen Tilk, Inmet's President and CEO said "Inmet has been involved in the development of Cobre Panama for the past 20 years. Since the early days, three separate areas of advancement have converged to strengthen our commitment: first, the deposit has grown substantially; secondly, the communities in the area have participated in and supported the development plans; and finally, Basic Engineering has presented a clear execution strategy. We have focused on the social and environmental commitments for this project as it is our priority to ensure the protection of these values. The results of Basic Engineering have demonstrated robust economics, and we are executing a solid financing plan that does not include issuing equity. The coming four years will be transformative for Inmet as we expect to grow significantly as a low cost copper producer."

Editor's Comment: The companies involved in this project will be investing more than $6.2 billion dollars to build the mine - more than the cost of expanding the Panama Canal. And most of that money will stay right here in Panama. Economically speaking, this is a great project for Panama.

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