Canadian Inmet set to kick off construction at Cobre Panama
Inmet Mining Corporation (TSX:IMN) has launched a $1 billion senior unsecured notes offering as part of a total finance plan for the $6.18 billion copper/gold/molybdenum project Cobre Panama.
The TSX-listed company said MPSA has completed the most important steps of permitting and basic engineering, and is now ready to start construction.
The project, one of the world's largest undeveloped porphyry copper deposits, is owned by Minera Panama, S.A. (MPSA), an 80% owned subsidiary of Inmet. Korea Panama Mining Corporation (KPMC), a consortium of LS-Nikko Copper Inc. and Korea Resources Corporation, owns the remaining 20%.
Inmet CEO Jochen Tilk said the company had been involved in the development of Cobre Panama for the past 20 years. “The results of basic engineering had 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,” he said in a statement.
The mine was expected to ship its first consignment of concentrate during the first quarter of 2016, and the life-of-mine was expected to be more than 31 years.