BTW I agree with many of your macro factors concerning the junior miners... good posts...
But IMO is as follow, it was all a political move:
1) the repeal of law 8 definitely put a hold on Cobre Panama = NO.. this is what I'm trying to explain... all is working according to plan... Singapore invested their cash as planned, but with a twist... instead of buying Cobre Panama they bought Inmet... same will happen with Korea once the Impact Study is done...
2) Martinelli look like a fool = Maybe outside Panama... here he is a Hero... and that's exactly what he wanted... I didn't realize this until after some time... The PRD was trying to make noise and turn people against his government... He is a smart guy and used this on his favor by repealing the law and making a lot of new friends without affecting Cobre Panama (which was the main player on the new law)...
3) I think he tried to over exceed his political power by sticking Cerro Colorado into law 8, thinking he could pass it and the Indian's had other ideas = The law wasn't meant for Cerro Colorado and he clearly sign a paper for them stating he was not going to mine their lands...
4) He didn't repeal it to please the Indians, he did because they raised enough hell to make him repeal it = i think i answered this for you already...
5) I'm thinking Martinelli will let the new law take it's time and pass when it passes, as opposed to trying to ram it through as he did with law 8 = absolutely right... he doesn't care anymore... he just wanted other governments to invest in Cobre Panama so this project can become a reality and bring billions of dollars to Panama... And he found a way to do it easier...
