The company announced today it has entered into a mutual rescission and release agreement with Silver Global whereby Golden Phoenix will receive up to $4.1 million for its 15% interest in the Santa Rosa gold mine, Panama.
Panama Mining News
Panamanian farmers in the country's rainforest regions have teamed up with environmental activists to protest the impact of Canadian mining operations on the local environment, as well as halt the construction of what is slated to be one of the world's largest copper mines by Inmet Mining (TSX:IMN).
The company intends to offer on a private placement basis $210 million of senior secured notes due in 2017.
Toronto-based major Inmet Mining has opted to retain its majority interest in the world-class Cobre Panama copper-gold project through development financing, as the company announced a hybrid plan that would see it shoulder the bulk of a US$6.2 billion capital expenditure (capex) requirement aimed at putting the project into production by 2016.
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.
Canadian copper-zinc producer Inmet Mining earned a third less profit in the fourth quarter than the same period a year ago.
An indigenous Ngöbe-Buglé teenager was killed and 40 people were injured in connection with a police crackdown on dissent over mining and hydroelectric developments in Panama, where Canadian mining companies have a large presence.
President of Panama inaugurates electrical transmission line constructed by Petaquilla Minerals Ltd.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 28, 2011) - Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) ("Petaquilla" or the "Company") is pleased to announce that the President of the Republic of Panama, Ricardo Martinelli, recently inaugurated the electrical transmission line constructed by the Company's infrastructure subsidiary, Panama Desarrollo de Infraestructuras, S.A. ("PDI Panama"), through Petaquilla's community social program.
TORONTO (miningweekly.com) – TSX-listed Inmet Mining, which ditched plans to merge with Lundin Mining in March, said most major mining companies had expressed interest in buying a 40% stake in its Cobre Panama copper project, and that it had signed
The Inmet Mining Board of Directors has approved the development of the Cobre Panama copper-gold-molybdenum project in Panama. As a result of the development decision Monday, LS-Niko Copper subsidiary, Korea Panama Mining Corp. (KPMC) has to decide whether to exercise its option to acquire a 20% interest in Minera Panama within 60 days. Image of the Cobre Panama copper project by Inmet Mining
Geologists suspected there would be significant copper below Pershimco Resources' (TSX-V: PRO) La Pava gold deposit at its Cerro Quema project in Panama. In drilling La Pava during the mid-1990s, previous project operators mostly stuck to near-surface gold in La Pava's oxide cap and in the process outlined a now updated indicated resource of 7.2 million tonnes @ 1.1 g/t gold.
Petaquilla Minerals Ltd. (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) (the "Company") today announced the planned expansion of its production system at its Molejon gold mine facility, located in Panama, by increasing grinding and processing capacity in addition to its on-going construction of a heap leach operation. The new production improvements, when fully implemented, are expected to generate an additional monthly recovery of 7,200 gold ounces. Now at the final stages of implementation, the installation of a third drum scrubber will significantly improve the processing of clays. The additional installation of a new horizontal Carbon-in-Column circuit ("CIC") will increase by 80% the gold adsorption capacity and improve the efficiency of the gold recovery from the milling system as well as from the future heap leach operations. The combined efficiency of the new hydraulic capacity and CIC circuit will translate, as from the third calendar quarter of current 2011, into an increase in production of 1,000tpd and approximately 1,200 ounces of gold, monthly.
Lundin Mining and Inmet Mining late Tuesday called it a day regarding their proposed friendly merger with a kindly farewell: "We continue to think very highly of each other's assets and wish each other well."
Canada's Inmet Mining said a letter from the Panama government confirmed that its copper-gold project will not be affected by the recent repeal of a law that allowed foreign government investment in mines within the Central American country. The law is crucial to Inmet, as the company plans to partner with Singapore's state investor Temasek and with Korea Resources Corp to finance and build its $4.3 billion copper-gold project in the country.
Inmet Mining Corporation (TSX:IMN) (Inmet) announced today that its wholly-owned subsidiary Minera Panama, S.A. (MPSA) has received a letter from His Excellency, the Minister of Industry and Commerce, Roberto Henriquez, that clarifies the Government of Panama's position on the recent repeal of Law 8 of 2011, making it clear that such repeal will not impact the development of mining projects in Panama, such as the Cobre Panama project, that currently have a contract law in place in respect of their concessions.
Equinox Minerals Limited (TSX and ASX: EQN) ("Equinox" or the "Company") advises that it has commenced its previously announced offer (the “Offer”) to acquire Lundin Mining Corporation ("Lundin"). The Offer will remain open until 6:00pm on April 14, 2011 unless withdrawn or extended.
Inmet Mining (TSE:IMN) was down 7.41% to Can$64 on Friday after the Government of Panama announced that it will repeal recently enacted legislation, known as Law 8, that modifies the Panamanian mineral resources code. The price drop complicates the company's proposed merger with Lundin Mining. In Jan. 2011, Inmet and Lundin Mining announced a merger that would create Canada's largest base metal producer. However, Equinox Minerals launched a hostile bid for Lundin in late February.
Panamanian government indicates intent to repeal modified mineral resources code; contract-law 9 unaffected
Inmet Mining Corporation (TSX:IMN) announced today that the government of Panama intends to repeal recently enacted legislation, known as Law 8, that modified the Panamanian mineral resources code. The intent to repeal Law 8 recognizes concerns from indigenous communities residing within areas known as Comarcas that are recognized under Panamanian law. Inmet's Cobre Panama project is neither situated on nor adjacent to any Comarcas, and has had government and local community support.
Panama’s National Assembly has repealed a law blocking foreign investment in mining, which will permit the development of Inmet Mining’s Cobre Panama copper project.