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Canada’s Inmet Mining (TSX:IMN) reached a milestone after the government of Panama approved the environmental and social impact assessment (ESIA) for its Cobre Panama copper project.
Granted by the environmental authority of the country, the Autoridad Nacional del Ambiente (ANAM), the approval of the environmental and social impact assessment includes the mine, mill, surface infrastructure, a port facility and a coal-fired power plant.
In the announcement the Canadian miner said that Korea Panama Mining Corp. (KPMC), a joint venture between Korea Resources Corporation and LS-Nikko Copper Inc., has 30 days to buy 20% of the project from Inmet for about US$155-million.
The Cobre Panama is a large open-pit copper development project, located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea coast.
The project is considered crucial to the future of Inmet Mining.
Comments
Jen
While Inmet is widely distributing news of the approval of its ESIA by Panamanian environmental authorities in order to pave the way for further investment in the project, the company is ignoring a decision made one day earlier by the country’s Supreme Court of Justice to maintain the protected status of the area.
The following article has been translated from the original Spanish available here: http://www.prensa.com/impreso/panorama/corte-mantiene-area-protegida-cedida-minera/53451
The original text of the court decision, available in Spanish only, is available here: http://media.gestorsutil.com/CIAM_web/57/documentos/docs/0936146001325799235.pdf
Court maintains protected status of area granted to mining company
Mary Triny Zea
While the National Environmental Authority of Panama (ANAM) has approved mining extraction in Donoso, Colón, the Supreme Court of Justice decides in favour of maintaining the protected status of the area.
The court’s decision responds to an injunction sought by the Panama Mining company (subsidiary of Toronto-based Inmet) submitted in May 2009 with the objective of overturning the resolution by ANAM, that two months earlier, designated the area for conservation.
The category III Environmental Impact Study for copper production in Donoso was approved by ANAM on December 28, 2011. The court made its pronouncement a day earlier.
The Panama Mining company (Inmet) will be able to extract minerals from within a 13,600 hectare concession that falls within the Mesoamerican Biological Corredor, which crosses seven countries in the region.
The declaration of Donoso as a protected area promotes ecotourism, scientific and investigative activities toward the conservation of its ecosystems.
Additionally, it prohibits activities that threaten its ecological integrity. Contradicting this, the mining company advises that the main impact of its project will be the loss of habitat, which will affect the fauna and flora in the protected area.
Commitments
February 1997
Panama makes an international commitment to protect the Mesoamerican Biological Corridor.
March 2009
195,000 hectares in Donoso are declared a protected area, within the corridor.
May 2009
The mining company seeks an injunction against the declaration of this area as protected.
December 2011
ANAM approves the mining project, while the Supreme Court of Justice rules against the company’s petition.
From the original in Spanish, here: http://www.prensa.com/impreso/panorama/corte-mantiene-area-protegida-cedida-minera/53451
Further detail on the same subject here: http://www.prensa.com/impreso/economia/corte-niega-amparo-de-garantias-minera/53396
Jennifer Moore
Latin America Program Coordinator
MiningWatch Canada