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Canada’s Franco-Nevada (TSX & NYSE: FNV) has committed a whopping $1 billion to support the development costs of Inmet’s massive Cobre Panama copper project in exchange for a future precious metals stream.
Toronto-based Inmet Mining Corporation (TSX:IMN) owns 80% of the project, which has a total required capital of about $4.8 billion, through Minera Panama SA. The remainder is owned by Korea Panama Mining Corp.
It was well known that Inmet was looking to do a deal with a royalty or streaming company in order to raise capital for Cobre Panama.
The much-needed financing guarantees Franco-Nevada about 86% of precious metals output from Inmet’s share of production from the mine.
“Inmet is an experienced and proven mine operator and developer. Franco-Nevada is proud to partner with Inmet to provide the financing needed to develop one of the world’s largest mining projects,” David Harquail, Franco-Nevada’s president and CEO, said in a joint release by the companies.
Cobre Panama, the first large-scale mine in Panama’s history, contains more than 32 billion pounds of copper, according to Inmet’s estimations, almost nine million ounces of gold and 168 million ounces of silver in measured and indicated resources.
The mine is expected to ship its first consignment of concentrate during the first quarter of 2016, and the life-of-mine is expected to exceed 31 years.
Comments
Fernando Castro
Thanks Cecilia by your news! I want know about Cerro Quema and Las Minas (Herrera) Copper and Gold prospects. Best regards!