KOREA READY TO INVEST IN MINERA PANAMA
La Prensa: February 16, 2010
Ricardo Martinelli's government has repeatedly said that reforms to the Code of Mineral Resources were not made to benefit or develop a particular project.
However, after four days of the National Assembly approved changes to the code, Martinelli communicated via telephone with the President of the Republic of Korea, Lee Myung-bak, to inform him that the reforms were a reality.
With the amendments left open the door to foreign States involved in financing or in the mining operation, which was of great interest to the Korean government, as envisaged by the President during a visit to Panama in June 2010 .
Lee Myung-bak is expected that South Korean companies to increase their participation in Panama, according to the EFE news agency reported yesterday, while China's embassy in Panama revealed that there are firm proposals for mining projects.
Jungsoo Doo, Korean ambassador in Panama, confirmed the public and private companies interested in investing in mining in the country.
He mentioned the state Natural Resources Corporation (Kores) and private equity firm LS Nikko Copper, which signed a deal to buy 20% of the shares of Cobre Panama, Panama mining project located in Donoso, Colon, and has a concession area of 13 hectares.
Jungsoo Doo explained that the Korean government sought to amend the legislation focused on investing in Panama mining project, but ruled out interest in other fields.
He denied that Korean companies wishing to extract metals from Cerro Colorado site, located in the region Ngäbe Bugle, and has generated considerable controversy. Although President Lee Myung-bak said in 2010 his interest in local mineral resources, noting the project's potential Donoso copper and Cerro Colorado in the region Ngäbe Bugle.
"Panama has great economic potential because it has abundant mineral resources, including copper. I understand that the country is working diligently to develop copper mines Panama, Cerro Colorado, "said Lee Myung-bak said in an interview published by this newspaper on June 28, 2010.
The meeting of two presidents last year, was in Panama City during the Summit of Heads of State of Central American Integration System (SICA), the first visit by a South Korean president to Panama, with an agenda to promote investment and strengthen bilateral relationship.
Later in the month of October, Martinelli became the first president to visit South Korea officially since 1962, when the two countries established formal diplomatic relations.
In both games, plus the promised cooperation which both presidents talked about the business relationship could be increased between the public and private enterprises of both nations.
The first time Martinelli referred to the change in mining legislation was in the international investment forum in October 2010, held in Panama.
On that occasion said in his speech, "the ambassador told me that Korean Korean president comes to Panama and want to change the law so that governments can be shareholders of a mining company. Here in Panama there is a great opportunity in mining, and who knows if we are sitting on the largest deposits of copper, after Chile. "
According to Francisco Sanchez Cardenas, chairman of the Democratic Revolutionary Party, Martinelli telephone contact with Lee "confirms the sale of pieces of Panamanian territory."
The opposition political group said in a statement that the welcoming by the South Korean president at the adoption of amendments to the Mining Code, "removes the mask to Ricardo Martinelli in the mining sector."
Panama and South Korea also consider negotiating a free trade agreement (FTA), which, according to Sanchez Cardenas, another front is traded on the mining issue. "This was a rough negotiation, to put in good Panama: give me mine and I will give support in infrastructure and the signing of an FTA, and left very badly the investiture of a president is not going to seek development for the country but to find business for your convenience. "
Personal comment:
PRD going all out to try and stop mining for their short term political gain. Thousands of indians now raising hell everywhere, they are ignorant and do not know what is happening...only that they have been told it is bad and dangerous. This should peak this week and then the government will crack down. Note that China is now seeking to make mining investments in Panama. They are interested in GOLD!!!
