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Panama law repeal not to hurt $4.3 billion copper-gold project planned by Inmet

Friday, March 25, 2011

Canada's Inmet Mining said a letter from the Panama government confirmed that its copper-gold project will not be affected by the recent repeal of a law that allowed foreign government investment in mines within the country.

The law is crucial to Inmet, as the company plans to partner with Singapore's state investor Temasek and with Korea Resources Corp to finance and build its $4.3 billion copper-gold project in the country.

Roberto Henriquez, Panama's minister of industry and commerce, said in the letter that the development of the company's project will not be affected as it has a contract law in place.

Original source: Reuters