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Latin America Investment News on Viva Tropical

Panama’s Environmental Battle Scares Off Investors

Article Summary:

The World Bank will not participate in the financing of Minera Panama, even though the company has announced it will operate under the standards of the International Finance Corporation.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

Bm Will Not Fund Minera Panama

Minera Panama, a subsidiary of Inmet Mining, looking for new partners to capitalize on the copper mine that operated in the province of Colon, entailing an investment of $ 4 000 320 million.

The company reported that comply with international norms and standards of performance of the International Finance Corporation (IFC English) World Bank (WB), to make capital investments.

These standards include social and environmental respect, good working conditions, pollution mitigation, among other points, however, the BM told this newspaper that it is considering funding the opencast mine.

Minera Panama get the capital from the sale of 20% of the project the Korean state, a transaction that closed in February although the country’s mining law forbade it, but it is when there is a loophole for the repeal of the reforms to the Code of Mineral Resources. Korean consortium received $ 155 million for initial construction of the mine.

Last year, the project received $ 500 million from the State of Singapore by Temasek Holdings in a stock exchange.

Upon approval of the environmental impact study on 28 December, the mining engineering work done. It will cut at least 5 000 900 hectares of protected forest in the district of Donoso for the mining operation.

Link to Original Article:

From Prensa

Latin America Investment News on Viva Tropical