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Inmet says interest in Cobre Panamá project stays strong. No dip in interest despite current global economic concerns

Monday, October 31, 2011

Canadian base metal miner Inmet said that talks with parties interested in buying a stake in its Cobre Panama copper project in Central America are continuing and that there has been no dip in interest despite current global economic concerns.

Tilk said the company is proceeding with work at the Panamanian mine site as talks continue, ensuring that the project is not delayed. Inmet considers the project, which is expected to cost more than $5 billion, vital to its growth prospects.

The Toronto-based company said it is still awaiting the Panamanian government's final environmental approval, necessary for the project to proceed. Under a deal signed a few year ago, South Korean copper producer LS-Nikko has an option to buy a 20 percent stake in Cobre Panama within seven days of receipt of the government's final environmental approval of the project.

Original source: Reuters