PANAMA – INMET MINING of Toronto and TECK COMINCO of Vancouver have struck an agreement to develop the Petaquilla copper mine in Panama. The mine is owned 48% by Inmet and 52% by PETAQUILLA COPPER of Vancouver. Teck Cominco will earn a 26% interest, half of Petaquilla Copper’s holding. The ownership and funding plan are complicated and best read at www.InmetMining.com in the March 26, 2008, news release.
Developing an open pit mine, 120,000-t/d mill, port and infrastructure carries a cost of US$3.5 billion. Cash costs would be US$0.85/lb of copper, net of byproduct credits. Social and environmental impact assessment documents are to be submitted by the end of this year. After permits are issued, construction will take 44 months.
The updated Petaquilla feasibility study (three volumes) is posted at www.InmetMining.com.