Petroleum / Mining in Panama
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PANAMA, 2015/12/28
While not immune to the impact of low international metal prices, which have resulted in slowdowns and postponements of mining projects around the world, the giant Cobre Panama development is building renewed momentum.
Although mining accounted for just 1.8% of GDP last year, the Panama City-based National Competitiveness Centre expects the contribution of minerals to GDP to additional than double in the coming years, driven in part by the Cobre open-pit copper mining project.
Copper key to the industry
First Quantum Minerals, the Canadian company with an 80% equity stake in the venture, said that next reviewing its development plan and rationalising project costs, it was presently able to move ahead with the initiative. Initial Quantum acquired the Cobre Panama project in 2013, but delayed initial production due to higher-than-expected development costs and revised output forecasts.
