TORONTO – Inmet Mining has closed the deal selling 20% of Minera Panama SA to Korea Panama Mining Corp for US$169 million. KPMC previously made a US$30-million option payment. Together the two amounts represent KPMC’s 20% of development costs to date. Inmet now holds an 80% interest in MPSA.
MPSA is the owner and developer of the Cobre Panama mine expected to begin producing copper, gold, silver and molybdenum in 2016 and continue for 30 years. The project includes three open pits, a concentrator, tailings management area, and pipeline to transport concentrate to a new port on the coast. A power plant at the port is to be independently built and operated.
The Cobre Panama, with estimated pre-production cots of US$5.3 billion, is the second largest project in Panama. The expansion of the canal is only slightly more expensive.
Additional information about the project is available at InmetMining.com.