Cobre Panama Receives Approval of the EIA From the Govmnt of Panama
TORONTO, CANADA, Jan 03, 2012 (MARKETWIRE via COMTEX) -- Inmet Mining Corporation (Inmet) CA:IMN +0.15% is pleased to report that the Government of Panama, through the Autoridad Nacional del Ambiente (ANAM), approved on December 28, 2011 the Environmental and Social Impact Assessment (ESIA) required for development of the Cobre Panama copper project, including the mining operations and related infrastructure, a port facility, and a coal-fired power plant.
With the announcement of the approval by ANAM of the project ESIA, Korea Panama Mining Corp. (KPMC), a joint venture between Korea Resources Corporation and LS-Nikko Copper Inc., has until January 10, 2012 to notify Inmet as to its election to acquire a 20% interest in the project. If KPMC exercises its option, we would anticipate closing to occur no later than 30 business days after the date of KPMC's exercise of the option, and at closing, KPMC would be required to invest approximately $155 million in MPSA in accordance with the option.
About Inmet
Inmet is a Canadian-based global mining company that produces copper, zinc and pyrite. We have three wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We also have a 100 percent interest in Cobre Panama, a development property in Panama.
