Morgan & Morgan acted as Panama counsel to Inmet Mining Corporation (owner of an 80% interest in Minera Panama, S.A., which is the owner and developer of the “Cobre Panama” mining Project) in connection with a one billion dollar (US$ 1,000,000,000.00) precious metals stream financing for the Cobre Panama Project, with Franco-Nevada Corporation. Inmet Mining Corporation and Franco-Nevada Corporation agreed to said precious metals stream financing through the execution of a Precious Metals Purchase and Sale Agreement by their subsidiaries Minera Panama, S.A. (owner and developer of the Cobre Panama Project—a US$6.2 Billion copper-gold-silver-molybdenum mining project currently being constructed in Panama) and Franco-Nevada (Barbados) Corporation.
The transaction received the consent from Korea Panama Mining Corp. (“KPMC”), owner of the remaining 20% interest in Minera Panamá, S.A., which did not participate in the transaction, and included a modification to Minera Panama, S.A.’s shareholders agreement and organizational documents in order to avoid any adverse impact on KPMC’s economic interest in the project.
From Morgan & Morgan Partner Inocencio Galindo and Associate Aristides Anguizola assumed principal responsibility on Panama aspects of this transaction.
Torys LLP acted as Canadian counsel to Inmet Mining Corporation.