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Martinelli about-turns on Panama mining reform

Friday, March 4, 2011

Panamanian President Ricardo Martinelli asked lawmakers to repeal a recent law that allows foreign government investment in mines.

The law, passed less than a month ago, is crucial to Canada's Inmet Mining , as the company plans to partner with state-owned firms such as Korea Resources Corp in a bid to finance and build the $4.3 billion Cobre Panama copper-gold project.

Martinelli, who originally championed the new law, made the surprise announcement about the repeal at a meeting with an indigenous community in Western Panama.

Original source: Reuters