5 Green Reasons Costa Rica Is the Poster Child of the Environment 5 years ago
Have You Tried Guanacaste’s Fastest Growing Sport? 5 years ago
Was Your Costa Rican Bank Account Closed? 5 years ago
Latin America Investment News on Viva Tropical

Panama Approves Mining in Colon, Slates 5,900 Hectares of Forest for Removal

Article Summary:

Panama has given the green light for the construction of one of the top five largest copper mines of its kind to be built in the mountains of Donoso, Colon. Some 5,900 hectares of forest is slated for removal.

Photo Credit: Revista Summa

Original Article Text From Revista Summa via Google Translate :

Minera Panama Approved Study
Minera Panama SA said its Environmental Impact Assessment (EIA) was approved by the Government last December 28. This will give the green light to construction of one of the five largest copper mines of its kind to extract copper, which would open in the mountains of Donoso, Colon.

“The government of Panama, through the National Environmental Authority, approved December 28, 2011 the Social and Environmental Impact Study required for Panama copper project development, including mining operations and complementary infrastructure, a port and thermal power plant ‘, described the miner said in a statement.

Minera Panama SA and its parent company, Canada’s Inmet Mining Corp., trying to make a mine that would extract 300,000 tonnes of copper per year with a turnover of approximately U.S. $ 2,000 million annually. Of this, 2% or $ 40 million would go for annual royalties to the State for at least 30 years of the concession, publishes The Star.

Alida Spadafora, executive director of the Association for the Conservation of Nature, said that approval of the EIA of mining is a fact ‘regrettable for the flora and fauna of Panama and Panamanians, especially in a country affected by the change climate ‘. He warned that will remain vigilant of the chemicals that the company will use, as well as mitigation processes claims will. ‘We made a series of recommendations in this study and see if we were included now to be released’, described Spadafora.

Carlos Sanchez, director of Environment of Minera Panama SA, said that 5,900 hectares of forest in Donoso must be cleared for operation of the mine, but to compensate for the damage will promote the conservation and reforestation of 250,000 hectares in several regions of mountainous country.

Minera Panama SA also noted that ‘to have the approval of the EIA Korea Panama Mining Corp., a joint venture between Korea Resources Corporation and LS-Nikko Copper Inc. – have until January 10, 2012 to notify their choice to purchase a 20% stake in the mine, by Inmet Mining ‘.

On the participation of a state-owned Korea Resources Corporation and Korea where the owner, Felix Wing, director of the Center for Environmental Advocacy, stressed that “Panama’s Constitution prohibits the national territory is ceded, transferred or disposed of, either temporarily or partially, other states’.

Link to Original Article:

From Revista Summa

Latin America Investment News on Viva Tropical