Inmet Awards Major Contract for Cobre Panama Development
Following basic engineering, and subject to a final investment decision, the joint-venture contract will be extended to proceed with full detailed engineering, procurement and construction management for all facilities except the process plant. A separate, competitive bidding process will be undertaken for the contract for the process plant.
The Cobre Panama project hosts measured and indicated mineral resources of 3.27 billion mt grading 0.36% copper and 0.06 g/mt gold. Proven and probable reserves total 2.14 billion mt grading 0.41% copper and 0.07 g/mt gold. Mineral resources are quoted at a cut-off grade of 0.15% copper. The open-pit mine is being planned to produce 289,000 mt/y of copper and 108,000 oz/y of gold over the first 16 years of a 30-year mine life.