copper mine in Panama, good news, approved !

SNC-Lavalin to lead consortium building $4 billion Panama mine

Tuesday, November 09 2010 @ 01:05 PM EST
Contributed by: Don Winner
Views: 9
Montreal-based SNC-Lavalin Group Inc. leads a three-company consortium that will provide preliminary engineering services and later final engineering and construction management for Inmet Mining Corp. of Canada’s $4 billion U.S. Cobre copper mining project in Panama. The contract award covers the openpit mine, crusher and concentrator, processing and tailings management, power supply, marine facilities and a new port. The mine has an estimated life of 30-years. Engineering starts immediately in SNC-Lavalin’s Toronto office and mine construction late next year or early 2012. The mine is due in operation in 2016. “This is a great opportunity to work with our joint-venture partners and local stakeholders to build a world-class copper mine and infrastructure,” said Feroz Ashraf, SNC-Lavalin executive vice-president. “The award builds on our 20-year relationship with Inmet.” (Montreal Gazette)
Editor’s Comment: Did you hear that? $4 billion dollars in Foreign Direct Investment to get this new copper mine started? That’s almost as much as the cost of the expansion of the Panama Canal. I’ve been saying for years – gold mines are sexy but the real money is in the copper. Panamanian president Ricardo Martinelli and the government of Panama has given this project the green light, and this mine could eventually lead to the exploitation of one of the largest copper deposits in the world. This is massively good (great) news for Panama and the Panamanian people. And yes, for all of you environmentalists out there – a few blades of grass are going to get bent. I guess the message is that you should follow suit. (grin)