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Panama reform to boost $5 billion copper mine

Wednesday, September 22, 2010

Panama is poised to repeal a law preventing foreign government investment in mining projects, clearing the way for a $5 billion plan by Canada's Inmet Mining to build the largest copper mine in Central America.

A proposal to overhaul the 1960s-era mining law is being drafted byPanama's business-friendly President Ricardo Martinelli, who hopes to send it to Congress this year.

Martinelli, backed by a majority of legislators, is likely to see his pro-mining reforms passed. A new mining code would be key to one of the most ambitious copper projects in the isthmus.

Original source: Reuters