Monday, December 8, 2008

Current Gold Prices Result in Mining in Panama...

It was announced this week, by Reuters, that a Panama City gold mine is due to begin production in the near future…..

Petaquilla Minerals Ltd, a Vancouver mining company, is projected to begin gold mining in Panama within the next few weeks. The company has announced that it expects to mine over 100,000 ounces of gold by the beginning of 2010, maintaining those levels until at least 2015.

As rising gold prices have begun to offer cash and stability to liquidity-challenged citizens around the world, this newest gold source should not come as a surprise. However, environmental concerns and complaints have delayed production since January 2008, but Petaquilla has been given permission by the Panamanian government to proceed with mining.

This will be the first major gold mining site in the country of Panama. Because current gold prices should continue to increase, the Panamanian government is now entertaining other proposals. Panama has a history, like many other Latin American countries, of being mineral-rich, but the environmental concerns related to the tropical climate are very relevant to citizens and those that have relocated to the country.

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