A Korean Business will Obtain Panama's Copper Mining Rights

2012-01-13

Inmet Mining Corp of Canada, the parent company of Panama’s mining company – Minera Panamá, S.A., officially announced that the 20% of the mining rights of the open pit copper mine in the Donoso mountain region of the Colon province in Panama, originally owned by Minera Panamá, S.A., will be sold to the Korea Panama Mining Corporation, a joint venture between the Korean state owned enterprise—Korean Resources Corporation and a Korean enterprise—LS-Nikko Copper Inc., at a cost of 155 million U.S. dollars. Both parties also agreed to negotiate the details of the sale in February of this year (2012), when there may be an increase in the transaction price. Inmet Mining Corp still owns 80% of the mining rights of the mining region.