Cobre PanamaAt Cobre Panama, Inmet’s development project in northern Panama, our goal – our responsibility – is to ensure that the benefits of our operation are shared with the people of Panama. We are committed to leveraging the positive and helping reduce adverse impacts of our operation. We expect our project to help improve the economic conditions of nearby residents and lead to sustainable socioeconomic improvements throughout Panama. As well, through a rigorous focus on environmental management and landscape-scale conservation, we are confident that the rich biodiversity of the area surrounding our operation will be protected.

EnvIronmEntAl And SoCIAl ImPACt ASSESSmEnt

To better understand our impact and to meet Panamanian legal requirements and international best practice standards, Inmet commissioned an environmental and Social Impact assessment (eSIa) of the Cobre Panama project. It is one of the most thorough socio-environmental studies ever undertaken of the region. In December 2011, the autoridad nacional del ambiente, the Panamanian environmental authority, approved our eSIa. as well as detailing the impact of our project, the eSIa establishes a foundation on which we are building a robust and leading corporate responsibility management program.

BIodIvErSIty

Cobre Panama is committed to helping protect the rich biodiversity of the mesoamerican biological Corridor, currently under threat as a result of in-migration related to a lack of economic opportunity. as part of our environmental and biodiversity action plans, we will compensate for the loss of forest by developing and implementing an off-site ecological restoration program that will reforest two hectares for every hectare of original forest lost. We will also support the management of two existing national parks and a new protected area encompassing more than 290,000 hectares of primary forest. additionally, we have introduced an innovative species conservation plan whereby we commit to no loss of critical habitat essential for the survival of a species.

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October 2011 – Residents of Chicheme viewing their house design for the resettlement community of Nuevo Chicheme for the first time.

“ by conducting our affairs transparently and with integrity, treating our employees fairly, ensuring that we share wealth with our communities and protecting biodiversity, we best serve our many stakeholders and society. We strive to do what’s right.”

Jochen tilk, Chief executive officer

SoCIoEConomIC dEvEloPmEnt

Since 2008, we have been working intensively with numerous communities as well as local and national governments in Panama and third-party organizations to develop our Social Development action Plan. The plan outlines our immediate and future commitments to protect the quality of life and improve the social well-being of our stakeholders. a main focus is to improve local conditions by supporting community development in several areas including education and training, agriculture, health and wellness and civic safety. It also calls for the creation of a community development foundation that will invest in development opportunities in consultation with project-area communities. our goal is to promote sustainable economic and community development over the mine’s estimated 30-year life and beyond.

We are also working to help create strong communities by providing local employment. Cobre Panama has targeted to hiring 75% of our workforce from Panama and is committed to paying fairly.

rESEttlEmEnt

When it became clear that the development of Cobre Panama would involve the displacement of a number of people, including indigenous people, we established a resettlement process that adhered to the highest international standards of fairness and transparency. as part of that, we collaborated intensely with those affected. Some 500 people from six areas will undergo resettlement. Four of the areas are made up of farmers and two are indigenous settlements primarily inhabited by ngöbe-buglé people who moved into the area in recent years. In partnership with these groups, we have developed a multi-year and multifaceted resettlement action plan that is meant to improve the lives of those involved. The plan sets out our commitments, principles, procedures and provisions for monitoring and evaluation, framework for participation and mechanisms for addressing grievances. all of these groups have now become signatories to the plan.

For more information, contact:

Craig Ford, Ph.D. – Vice President, Corporate Responsibility t. 1.416.860.3960 E. craig.ford@inmetmining.com

Revegetation efforts at Cobre Panama.Revegetation efforts at Cobre Panama.

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