10 Dec 2012 | New Project in Panama

STRACON GyM S.A. (a subsidiary of GyM S.A.) is pleased to announce that is has been awarded the Tailings Management Facility construction contract by Minera Panama S.A. The contract involves more than 15 million m3 of excavation, diversion structures and quarry development. Contract duration is 34 months with completion in August 2015. The execution of this contract will involve employment in excess of 1000 employees at peak, of which the vast majority will be Panamanian.

Minera Panama S.A. (a subsidiary of Inmet Mining Corp headquarter in Toronto, Canada) is developing the Cobre Panama project. The Cobre Panama project is an open‐pit mine located in Colón Province, Panama, expected to produce copper, gold, silver, and molybdenum. Minera Panama was granted the rights to the mineral concession to explore and exploit the property under Law 9 for an initial 20 year term with provisions for two consecutive 20 year extensions. The concession area is 13,000 ha and the life of mine is projected to be 31 years, with production starting at the beginning of 2016. The project received the ESIA approval by the Panamanian Environmental Agency in December 2011 and started full construction in May 2012.