You are here :: Panama Real Estate » Panama-real-estate » Petaquilla-mine

The Melejon gold mine in Panama is producing gold. The mine is expected to produce 100,000 ounces of gold in its first year of operation. From a real estate perspective we are not promoting gold mining but rather making sure that you do not build a home down stream from a mining operation.

A Canadian mining company, Petaquilla Minerals, has the rights to mine for gold in Panama’s interior. The mine, according to the company’s press release has started to process the ore and will be producing gold shortly. The press, however, has been full of articles about the environmental impact of the mine, pollution, and the rights of indigenous peoples in the area.

Petaquilla, in its press release promises to work with ANAN, Panama’s environmental protection agency.

Shares of Petaquilla Minerals rose on the Canadian stock exchange with the announcement of production of gold.

So, what does this have to do with buying real estate in Panama?

A year or so ago we ran an article about the cement plant in Chorrera. A group of investors was ready to start a 3,000 unit housing development and found out at the last minute that a cement plant was going in next do in an unspoiled area in the far suburbs of Panama City.

Needless to say the cement plant certainly made homes near Chorrera less attractive and ruined the investors’ plans. Likewise there are lots of areas of pristine nature in Panama and Panama also mines for copper and for gold. In addition Panama is dealing with the fact that it does not drill for oil by building hydroelectric dams.

If you are going to be buying property and building in on real estate in Panama’s interior make sure that you have a smart, watchful, bilingual realtor who keeps his ear to the ground for other projects in your neighborhood. What could be worse than to invest in the home of your dreams in Panama only to have the ground water saturated with unwelcome chemicals or a nearby stream polluted with mining runoff.

ABPanama does business throughout Panama and we keep up with what’s happening and what is going to happen.

Regarding Petaquilla and ANAM the company asserts that it passed the environmental impact study and that extra issues are being brought up late. ANAM seems to be saying that Petaquilla has not lived up to its word. This sort of thing may take time to sort out. IN the meantime people living in the area have to deal with pollution and environmental disruption.

If you are looking for real estate in Panama’s interior come to see us at ABPanama. We do business throughout the country and we have over 23 year experience managing real estate portfolios. And, we will try our hardest to keep you from buying downstream from a mining project.