Minera Panama S.A. has revised the original 2008 purchase of Metso grinding mills for the Cobre Panama project and has confirmed the resizing of mills. The original grinding mill supply has been revised to now be two SAG mills of 40 ft (12.2 m) in diameter and four ball mills of 26 ft (7.9 m) in diameter. This change is a consequence of a more detailed throughput modeling conducted as part of the basic engineering phase and will provide a reasonable design margin over the nominal throughput of 150,000 dmtpd. Delivery will be completed by the end of 2013.
The Cobre Panama project is located approximately 100 kilometers west of the Panama Canal. It is estimated that start-up will commence by the end of 2015. Once the new Cobre Panama mine is in full operation, the concentrator will be capable of processing ore at a rate of 150,000 dmtpd over the first 10-years of operation. According to figures included in the FEED Report (March 2010) the average annual metal production rate over the first 16-years has been estimated at 289,000 tons of copper, 108,000 ounces of gold, 1.544 million ounces of silver and 3,600 tons of molybdenum. The original order was included in Metso's order backlog in Q2/2008 and now the upgraded value of EUR 54 million is included in order backlog in Q2/2011.
Minera Panama S.A. is developing its world-class deposit in the Republic of Panama. The company is owned by Inmet Mining Corporation. Inmet Mining Corporation is a Canadian-based global mining company that produces copper and zinc. They are active in production, development and exploration - three key components to delivering sustainable growth and long-term value for shareholders.