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(AMM) Inmet deal hinges on Panama action

July 29, 2010 - 22:15 GMT Location: NEW YORK

KEYWORDS: Inmet Mining , Cobre Panama , copper , molybdenum , gold , Panama

The status of a key source of financing for Inmet Mining Corp.?s $4.3-billion Cobre Panama project hinges on efforts to alter Panamanian foreign investment regulations.

Inmet secured Canadian $500 million ($493 million) from a subsidiary of Temasek Holdings Ltd., Singapore's sovereign wealth fund, in March?an investment earmarked largely for the open-pit copper-molybdenum-gold project in Panama.

But whether that investment can actually be put to use will depend on the success of proposed legislation to change Panama's Mineral Resources Code and remove language that forbids foreign government bodies from having a direct or indirect interest in mining concessions.

"It is now in the hands of the ministries and the president of the (Panamanian)...

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