Why Mining Housing in Panama?

Why Invest in Mining Housing in Panama?

Key Benefits:

  • The Cobre mine is the largest private investment project in Panama with a total investment of $ 6.3 billion.
  • 7,000 workers are currently being hired to construct and run the Cobre copper mine
  • 2,500 strong permanent workforce once the mine is operational.
  • The copper mine will operate at full capacity for a minimum of 34 years.
  • The closest residential housing options are currently, at a minimum, a 2 hour drive away from the Cobre mine!!!!
  • The Casa Pintada mining housing project is the first (and currently only) project of it's kind being built.
The Press Release below tells you more about the Cobre mining project and the opportunities it brings to Panama.

Press Release

Investment Opportunities in Panama’s “Supersized” Mining Sector

Press Release
Investment Opportunities in Panama’s “Supersized” Mining Sector

Canada's First Quantum Minerals, a highly respected and rapidly-growing top minerals producer on five continents and in nine countries, announced recently, they will be hiring up to 7,000 individuals to construct and run their massive copper mine, Cobre Panama, located four hours west of Panama City and only 12 miles from the Caribbean coast.

“We will maintain a workforce of 2,500 employees once the mine is operational,” said First Quantum’s Global Exploration Director, Mike Christie. “That will be for a minimum of 34 years. Everything about this mine is supersized,” he continued.

The Panama mine is definitely supersized. It officially began operations in February, five years after First Quantum Minerals gained control of the Cobre Panama project, and invested a start-up of $5.5 billon. The mine is spread over 33,606 acres with an annual predicted production of 320,000 tones over the mine’s operation. Corbe Panama is the largest new copper development in the world and is expected to ultimately generate more of Panama’s Gross Domestic Product (GDP) than the Panama Canal by exporting approximately $2 billon annually or 4% of GDP.

First Quantum is actively hiring for the Panama project. “Initially we will concentrate on hiring construction workers, but we are also hiring geologists, engineers, construction specialists, maintenance teams, lawyers and IT experts,” said the First Quantum hiring team for Panama. “Our opportunities are remarkable and we are recruiting world-wide,” continued a hiring team member, “but we need to be able to provide high quality options for the worker and their family.”

First Quantum recognizes a main problem with luring highly skilled talent to Cobre Panama is the mine is located in a remote section of the country. The closest residential options are, at a minimum, two driving hours from the mine in the town Penonomé. Other options are three hours to Coronado-Gorgonia and four hours into Panama City.

“We represent the largest private investment in Panama and we are generating thousands of jobs for Panamanian families,” said Global Director Christie. “We have programs for the sustainable development of nearby communities and we comply with the commitments of the environmental impact studies, but we also need housing.”

To that end, Panama’s largest real estate developer, Empresas Bern, has agreed to work with First Quantum Minerals to develop a housing complex located near the mining entrance. These residences will be two levels of studio and one- and two-bedroom homes complimented with a hotel, courtyard and a variety of green space. There will be an independent water treatment plant, an electrical power plant, telephone, internet and cable along with wide sidewalks, parking and schools. Currently on offer are residences beginning at $64,000. These units will be sold only to investors with a minimum of 50% ($32,000) down. Developer financing is offered at 7% annually.

“This is a very exciting project,” said Jose Manuel Bern, of the Bern corporation. “First Quantum is working directly with us and they are planning on providing employee buses to pick up workers at the complex for direct transportation to the mine. They are also willing to provide on-site payments and management.”

First Quantum tells prospective candidates, “the infrastructure in Panama is well developed. The telephone service is quite advanced, so international calls are always easy to make; high-speed Internet is widespread; and Panama City’s international airport is completely modern, offering daily flights to many international destinations”, but they recognize the workers’ need for a closer housing option.

The mine was realized 50 years after its discovery, in part because of the sheer size of the operation and First Quantum’s commitment to the environment. The area of the mine is located near some of the most preserved forests in Panama and the world. The mine’s neighbour is the Continental Divide, with humid tropical forest, pristine coastal beaches and easy to access to the Pan-American Highway on either side.

Copper Panama is composed of the copper mine, a processing plant and the International Port of Punta Rincon.

“We provide exceptional opportunities for our employees,” said the hiring team. “We have incredible career growth possibilities including the fact individuals can move among all nine of our locations. We hire recent graduates and individuals with little skills, other than the commitment to work hard and the desire to capitalize on First Quantum opportunities.”