Beginning 2019, mining will be the fastest growing sectors in the Panamanian economy.
The geological structure of Panama, along with its geographical position, has allowed experts to find mineral deposits in the subsoil, of certain relevance, such as gold and mainly copper; these extractions are part of state policies which support mining activity that aims for a comprehensive development of towns around mining projects.
Cobre Panama is a US$6 billion large open-pit copper development project in Panama. The project is expected to begin soft production in 2019 and become one of the world's largest open-pit copper developments and Panama's biggest source of exports, according to South Africa's First Quantum Minerals.
Following the completion of our acquisition of Inmet Mining in April 2013, First Quantum assumed an 80% equity interest in Minera Panamá, S.A. (“MPSA”), the Panamanian company that holds the Cobre Panama concession. MPSA was incorporated under the laws of the Republic of Panama in January 1997 and has a mineral concession to explore and exploit the Cobre Panama property.
Other projects in production are Santa Rosa (gold) is a heap leaching recovery project and Cerro Quema (gold/copper) ready for construction.
Other projects undeveloped are the very large Cerro Colorado (copper) and Cerro Chorcha (copper) both owned by the government and unexploited.
There are multiple tax incentives.
Panama still presents many opportunities in mining exploration. There are many greenfield properties and local groups looking for partners.
If you want to set up or acquire a Mining project, the BusinessPanama Group can provide a convenient One Stop Shop offering the services of –
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