LIMA, PERU--(Marketwire - Dec 10, 2012) - STRACON GyM, a subsidiary of Graña y Montero S.A.A., is pleased to announce that following receipt of notification of award in late October 2012, the company has now signed an agreement with Minera Panama S.A. (MPSA), a subsidiary of Inmet Mining of Canada, to provide construction services for the development of MPSA's copper project, located 120km west of Panama City in the district of Donoso, Colon province, Republic of Panama. The scope of work under the thirty-three (33) month agreement includes construction of the Tailings Management Facility (TMF) and associated infrastructure and is valued at approximately US$300MM. STRACON GyM has commenced mobilization activities.
STRACON GyM's Chief Operating Officer Steve Dixon stated that, "STRACON GyM is excited by the opportunity to participate in the development of one of the world's largest mine development projects, working with all project stakeholders to ensure the successful delivery of Cobre Panama Project."
Cobre Panama reserve is one of the largest in the world. Mine life is expected to be in excess of thirty (30) years. In addition to average annual copper production of 266,000t, the mine will produce 87,000ozs of gold, 1.5m ozs of silver and 2,900t of molybdenum annually. The total investment planned for the execution of this project is US$ 6.2 billion, making it the largest private investment in Panama's history.
STRACON GyM S.A.