By the end of 2006, however, Inmet and Petaquilla Minerals continued to agree to extend Teck Cominco’s option until production is achieved or until all three companies agree to terminate the project, and almost no investment was made in the copper project during the year.
[1] Global Energy Development PLC (Harken Energy Corp. of Southlake, Texas, 34%, and other private shareholders, 66%) of the United Kingdom was still negotiating exploration contracts with the Ministry of Commerce and Industry of the Republic of Panama through the end of 2006.
This construction project was expected to be large enough that mineral companies in the construction materials sector in Panama, other countries of Central America, and in nearby Colombia would be ramping up production and securing contracts with the Panama Canal Authority to supply mineral-based materials for the canal expansion.
Panama is part of the San José Pact, which allows the country to receive crude petroleum under preferential terms and pricing from Mexico and Venezuela.
Panama is not part of CAFTATA-DR and was still negotiating a separate bilateral free trade agreement with the United States through the end of 2006.