Estimates are that there are $200 billion worth of metals in the Panamanian subsoil, with copper predominating. My question is simple, is it worth turning our rainforests into open pits like this one? Let’s see what is nicer, money that will just end up lining someones pockets and get spent on boats and planes or this which could last forever.
Oh well, here is the story from Anpanama…
Although the largest proportion of mining reserves is copper, the four gold deposits identified alone are valued at about $5 billion.
Anpanama.com reports that “… The Panamanian government has granted in concession most of these deposits and their exploitation is currently in different stages, yet none have passed the stage of mining, which is when the material is excavated. At the moment Minera Panama has under construction the Panama Cobre mine which involves an investment of $6 billion.The Cobre Panama mine will be in production in late 2017 or early 2018. Another major project in gold and silver is Petaquilla Gold, which is currently paralyzed due to financial problems. ”
It is important to note the existence of strong resistance from environmentalists groups to open pit mining. (NO KIDDING)
The president of the Mining Chamber of Panama, Roberto Cuevas, added “… The potential in the country could be much higher as only a little of the territory has been explored. The studies carried out in 2009 that were under concession or to be given in concession cover 40% of the country. ”
Source: anpanama.com
Tom
The fastest way to ruin a wonderful wonderland in a Tropical clime is to solicit and host mining interests or oil and gas. Just ask Belize.
The economy of Belize has not improved with the condo development of it’s pristine Caye system. Ambergris Caye has grown in the number of rooms, as has Placencia in the South, but not in sustainable growth with a consistant economy. The Cayes suffer from increased prices of food, electric and potable water. What has really suffered is the eco system of the fabulous reef structures of the surrounding Cayes. The over fishing of the Reefs to feed tourists has a left the once proud diving industry in Belize with fewer fish to view and fewer dive sites as Coral Reef Structures dwindle away without the fish to support the coral growth.
Interior Resorts are pleantiful for purchase as the guest visits on the mainland have soften with the rising price of airfares. The oil revenues in Belize are less than once advertised by those companies willing to risk drilliing in a Country that has no system to deliver commerically viable amounts of crude to be shipped to USA refinerys.
The risk to the Eco-system for development of land and mineral exploration has not assisted Belize in sustainable growth of the Belizean economy. As a result, Belize is no longer seen as a great Tropical Destitination for Eco-tourism that it once was.
I fear that Panama is now facing such a downturn with the overwhelming growth in skyscrappers and the increased destruction to habitat by those eager to own a development piece of Panama. Exactly how many people can afford to pay a quarter of a million dollars or more for a place in paradise? Panama seems to be facing too much growth and too much pressure on it’s economy as inflation might soon drive prices higher and higher in all sectors of it’s economy. Panama might become a Nation that suffers from too much beauty, fresh air and people eager to take it all in.
I enjoy your blog’s information pieces, but would welcome more news instead of real estate sales.
Kindest regards,
Robert
Texas
If Panamanians don’t want to live like cave men or serfs in the middle ages, then mining, oil, forestry, and other economic development must be done.
Taxes generated by such development pay for social programs, education, clean water, sanitation, police, health care, and other government services that create a good standard of living for everyone.
Natural resource development can be done so that any environmental damage is only temporary. That is, mines like the one shown in this article can be reclaimed after the ore is depleted.
Reclaiming means the whole area is restored to it’s original natural condition and looks and functions the same as if it was never touched by humans.
For example, Canada’s oil sands use reclaiming methods to put the land back to it’s original natural state after oil sands are removed from an area. It works and is proven to be effective.
Panama can copy Canada’s proven land reclaiming system so Panamanians can enjoy the benefits of development without any downside.