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The mineral-mining industry of Panama accounted for about 1% of the country's GDP in 2006. This does not include any manufacturing of mineral commodities, such as cement or petroleum refinery products.
The only metallic mine operating in Panama is Petaquilla Minerals Molejon epithermal gold deposit on the Ley 9, 1997 property in Panama in Colón Province. The mine has the capacity to produce 100,000 oz/yr. The Cobre Panama (ex Petaquilla) copper project is run by Minera Panama S.A. and owned by First Quantum and is under study to produce approximately 270,000 tpy of copper.
Minera Petaquilla S.A. was a joint venture between Petaquilla Minerals Ltd. of Canada (52%) and Inmet Mining Corp., also of Canada (48%). Minera Petaquilla was formed in 1997 to explore and develop the Cerro Petaquilla copper-gold porphyry deposit and other metallic mineral deposits within the Ley Petaquilla property, which is a large concession area that extends south from the Caribbean coast approximately 100 kilometers west of the Panama Canal. Teck Cominco Ltd. of Canada had an option contract to earn a 50% ownership share in Petaquilla Minerals (26% share in Minera Petaquilla) if it continued to fund all Petaquilla Minerals’ share (52%) of the exploration and development costs of the Cerro Petaquilla copper project; Inmet was expected to fund the other 48% of total expenditures in the project. By the end of 2006, however, Inmet and Petaquilla Minerals continued to agree to extend Teck Cominco’s option until production is achieved or until all three companies agree to terminate the project, and almost no investment was made in the copper project during the year. The new deadline for a commitment by Teck Cominco was set to expire on March 30, 2008. [1]
Global Energy Development PLC (Harken Energy Corp. of Southlake, Texas, 34%, and other private shareholders, 66%) of the United Kingdom was still negotiating exploration contracts with the Ministry of Commerce and Industry of the Republic of Panama through the end of 2006. [1]
Petaquilla Minerals acquired 100% ownership of the Molejon epithermal gold deposit on the Ley Petaquilla property in Panama, where the company focused almost all its investment during the year through its new gold-properties subsidiary, Petaquilla Gold S.A. Inmet and Teck Cominco retained only royalty rights (at rates to be determined) on any eventual production from gold deposits located within the Ley Petaquilla property. By sometime in 2008, Petaquilla Minerals expected to achieve the company’s first production of gold at Molejon. [1]
Production of aggregate mineral materials, cement, and other construction materials was expected to have increased in 2006 compared with that of 2005. This was mainly because of public approval on October 22, 2006, for expansion of the Panama Canal to start sometime during the second half of 2007. This construction project was expected to be large enough that mineral companies in the construction materials sector in Panama, other countries of Central America, and in nearby Colombia would be ramping up production and securing contracts with the Panama Canal Authority to supply mineral-based materials for the canal expansion. [1]
The very large Cerro Colorado project is owned by the government. Other exploration targets are Cerro Quema (gold) and Cerro Chorcha (copper).
With Cobre Panama, Cerro Colorado and Cerro Chorcha, Panama has one of the highest concentrations of copper per unit area in the world.
Panama is part of the San José Pact, which allows the country to receive crude petroleum under preferential terms and pricing from Mexico and Venezuela. Venezuela also provides additional shipments of crude petroleum to Panama according to the terms of the Caracas Energy Accord. Panama is not part of CAFTATA-DR and was still negotiating a separate bilateral free trade agreement with the United States through the end of 2006. [1]
First Quantum Minerals is a Canadian-based mining and metals company whose principal activities include mineral exploration, development and mining. Its main product is copper, which accounts for 80% of revenues as of 2016.
Codelco is a Chilean state-owned copper mining company. It was formed in 1976 from foreign-owned copper companies that were nationalised in 1971.
Teck Resources Limited, known as Teck Cominco until late 2008, is a diversified natural resources company headquartered in Vancouver, British Columbia, that is engaged in mining and mineral development, including coal for the steelmaking industry, copper, zinc, and energy. Secondary products include lead, silver, gold, molybdenum, germanium, indium and cadmium. Teck Resources was formed from the amalgamation of Teck and Cominco in 2001.
Porphyry copper deposits are copper ore bodies that are formed from hydrothermal fluids that originate from a voluminous magma chamber several kilometers below the deposit itself. Predating or associated with those fluids are vertical dikes of porphyritic intrusive rocks from which this deposit type derives its name. In later stages, circulating meteoric fluids may interact with the magmatic fluids. Successive envelopes of hydrothermal alteration typically enclose a core of disseminated ore minerals in often stockwork-forming hairline fractures and veins. Because of their large volume, porphyry orebodies can be economic from copper concentrations as low as 0.15% copper and can have economic amounts of by-products such as molybdenum, silver, and gold. In some mines, those metals are the main product.
Inmet Mining Corporation was a mining company headquartered in Toronto. In 2013, the company was acquired by First Quantum Minerals in a hostile takeover.
Hydrocarbons are the leading sector in Algeria's mineral industry, which includes diverse but modest production of metals and industrial minerals. In 2006, helium production in Algeria accounted for about 13% of total world output. Hydrocarbons produced in Algeria accounted for about 2.9% of total world natural gas output and about 2.2% of total world crude oil output in 2006. Algeria held about 21% of total world identified resources of helium, 2.5% of total world natural gas reserves, and about 1% of total world crude oil reserves.
The second-largest mineral industry in the world is the mineral industry of Africa, which implies large quantities of resources due to Africa being the second largest continent, with 30.37 million square kilometres of land.With a population of 1.4 billion living there, mineral exploration and production constitute significant parts of their economies for many African countries and remain keys to economic growth. Africa is richly endowed with mineral reserves and ranks first in quantity of world reserves for bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium.
Mining is the biggest contributor to Namibia's economy in terms of revenue. It accounts for 25% of the country's income. Its contribution to the gross domestic product is also very important and makes it one of the largest economic sectors of the country. Namibia produces diamonds, uranium, copper, magnesium, zinc, silver, gold, lead, semi-precious stones and industrial minerals. The majority of revenue comes from diamond mining. In 2014, Namibia was the fourth-largest exporter of non-fuel minerals in Africa.
The mineral industry of Paraguay includes the production of cement, iron and steel, and petroleum derivatives. Paraguay has no known natural gas or oil reserves. To meet its crude oil and petroleum products demand, Paraguay relies completely on results of approximately 25,400 barrels per day (4,040 m3/d) (bbl/d). The mining sector contributes little to the country's economy, accounting for only 0.1% of its gross domestic production (GDP).
The mineral industry of Peru has played an important role in the nation's history and been integral to the country's economic growth for several decades. The industry has also contributed to environmental degradation and environmental injustice; and is a source of environmental conflicts that shape public debate on good governance and development.
Mineral industry of Colombia refers to the extraction of valuable minerals or other geological materials in Colombia. Colombia is well-endowed with minerals and energy resources. It has the largest coal reserves in Latin America, and is second to Brazil in hydroelectric potential. Estimates of petroleum reserves in 1995 were 3.1 billion barrels (490,000,000 m3). Colombia also possesses significant amounts of nickel and gold. Other important metals included platinum and silver, which were extracted in much smaller quantities. Colombia also produces copper, small amounts of iron ore, and bauxite. Nonmetallic mined minerals include salt, limestone, sulfur, gypsum, dolomite, barite, feldspar, clay, magnetite, mica, talcum, and marble. Colombia also produces most of the world's emeralds. Despite the variety of minerals available for exploitation, Colombia still had to import substances such as iron, copper, and aluminum to meet its industrial needs.
Franco-Nevada Corporation is a Toronto, Ontario, Canada-based, gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets. It is traded on the Toronto Stock Exchange and New York Stock Exchange.
Mauritania's mineral sector was dominated by iron ore mining and beneficiation. Other mineral commodities produced in the country included cement, copper, gold, gypsum, petroleum, salt, and steel. The 'Ministère des Mines et de l’Industrie' was the Government agency responsible for enacting the Mining Code and for the coordination of all activities in the mining sector. The 'Direction des Mines et de la Géologie' was the entity responsible for promoting the mineral sector and for providing geologic and mining information to potential investors; the 'Direction des Hydrocarbures' was in charge of the development of the petroleum sector; and the 'Office Mauritanien des Recherches Géologiques' was the Government entity responsible for evaluating areas of mineral potential for exploration. The 'Société Nationale Industrielle et Minière (SNIM)' was responsible for iron ore production and benefciation.
Petaquilla is a hill located in the district of Donoso, Colón Province, Panama. Petaquilla is classified as: Orographic, Petaquilla is bordered on the north by the Caribbean, south to Panamá and Coclé provinces, east with the Kuna Yala and west by the Veraguas Province.
New Gold Inc. is a Canadian mining company that owns and operates the New Afton gold-silver-copper mine in British Columbia and the Rainy River gold-silver mine in Ontario, Canada. Through a Mexican subsidiary company, they also own the Cerro San Pedro gold-silver mine in San Luis Potosí, Mexico, which ceased operation in 2017. While New Gold was founded in 1980 for the purposes of mineral exploration, the company became a mine operator with its merger of Peak Gold and Metallica Resources in 2008. A fourth company, Western Goldfields, joined in 2009. Together they operated the Peak mine in Australia and Mesquite Mine in California but sold both in 2018. Headquartered in Toronto, shares of the company are traded on the Toronto Stock Exchange and NYSE American.
Mining and hydroelectric projects in Panama are heavily discussed topics in Panama due to several laws for the protection of the native inhabitants and the neo-liberal plans of the government. Since the beginning of 2011 large protests against such mining and hydroelectric projects have been held by the indigenous inhabitants of Panama.
Cobre Panamá is a large open-pit copper mine in Panama, located 120 km (75 mi) west of Panama City and 20 km (12 mi) from the Caribbean Sea coast, in the district of Donoso, Colon province, in the Republic of Panama. The mine consists of four zones totalling 13,600 ha. The main deposits are at Balboa, Botija, Colina and Valle Grande. With 3.1 billion t (6.8 trillion lb) of proven and probable reserves, Cobre Panama is one of the largest new copper mines opened globally since 2010. It is located next to the Petaquilla mine.
Omar Torrijos Herrera is a district in the Panamanian province of Colón, located approximately 115 kilometres (71 mi) west of Panama City. It is named after Omar Torrijos, de facto leader of Panama from 1968 to 1981.
A series of protests began in Panama on 20 October 2023 following the immediate passing of a 20-to-40-year mining contract between the government of Panama and First Quantum Minerals, the operator of Cobre Panamá, the largest open-pit copper mine in Central America, placed 20 minutes away from the western coast of Colon Province and within a protected area of the Mesoamerican Biological Corridor.
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