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KORES and the South Korean copper smelter signed a deal with Inmet Mining Corp., a Canadian-based global mining company, earlier in the day to purchase the stake in the copper mine in Petaquilla, a city west of Panama City, the capital of Panama.
The copper mine owned by Inmet Mining will produce an average of 230,000t of copper annually from 2013, KORES said.
The two South Korean companies plan to jointly spend 185 billion won (US$155.07 million) to develop the mine next year, and an additional 840 billion won for three years from 2011, KORES said.
(Yonhap) rw
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