The company, a subsidiary of the Inmet Mining Corporation, requires local and international capital in order to develop the mining project.
The $5,000 million that Minera Panamá
plans to raise for the construction of an open pit copper
mine, will be negotiated with both Panama
nian and foreign banks.
Company representatives said that given the magnitude of the project they will need to be financed jointly by several entities.An article in Panamamerica.com.pa notes: "The Panamanian Copper Project is an open pit mine, which if approved by the Environmental Impact Study would be under construction from September for the next five years.
Before that, Minera SA Panama plan to raise capital of $5.000 million for the mine, which in turn would yield about 300,000 tons of copper annually for at least 30 years.
"We are evaluating financing
alternatives, we have enough money to start construction, but we are talking to several banks and business partners for its development," he said Ernest Mast
, senior director of Minera Panamá S.A."