Investors sought for copper project.

Canada's Petaquilla Minerals Ltd. and its joint venture partners are aiming to raise around $1 billion to begin mining a large copper deposit in Panama, a senior company official said, reports Reuters (Oct. 29, 2004). (Note: it was not clear if the amount mentioned was In Canadian or U.S. dollars.):

If realized, the project--which has been given new life by copper prices that touched near 16-year peaks earlier in October--would be the world's 14th largest copper mine, said Dale McClanaghan, president and CEO of Petaquilla. "We'd hope to have a production decision within the next year. Construction would take in the order of two to three years," he said on the sidelines of the 2004 China International Copper Forum in Haikou;

With copper prices around 40% higher than they were a year ago, investors worldwide are seeking to develop new mines or rehabilitate previously abandoned projects. McClanaghan said the open-pit project in Panama, also named Petaquilla, would be capable of producing 260,000 tons of copper in concentrate over a mine life of 25 to 35 years. Toronto-listed Petaquilla had a 52% share in the project, with mid-sized Canadian miner Inmet Mining Corp. holding the other 48%, he said. The venture's third partner, Teck Cominco, would receive a 50% earned interest in copper when the mine started production, he said.