The Varela administration has extended the concession authorizing Minera Panama to extract copper from the mine at Donoso, in the province of Colon for a further 20 years. They also operate Puerto Rincon shown above.
The concession granted by the Ministry of Commerce and Industries is for an area of almost 13 thousand hectares, and will be in force until February 28, 2037.
See also: “Export of Metalliferous Minerals in Central America“
Prensa.com reports that“…In 2013 First Quantum, the current owner of Minera Panama, bought the project from Inmet Mining, for $5.1 billion. In the coming years the mine will produce between 300 thousand and 320 thousand tons per year.”
Prices are up 34 % from last year and trading at $6,594 per ton so that puts the value of extraction at over $200 million a year. That will provide a good concession revenue for Panama.
bought for 5.1 billion. Annual revenue from extraction 200 million. 25 years to cover sale price at current prices with no expenses included. Lease for 20 years. Math doesn’t add up. ??