Just today iron ore dropped to 2012 lows and traders of the world's most active steel future, Shanghai rebar, seems bent on testing the contract's record low on a weekly basis. This while US equities keep reaching for higher highs. As this chart from Capital Economics shows industry and the broader stock markets used to be correlated much more closely.
That link remained during and after the height of the financial crisis. But since 2012 US stocks and industrial metals prices have moved in opposite directions. The deal is the second amendment to an agreement signed by both Canadian firms last year, at about the same time that Vancouver-based First Quantum began its hostile takeover bid for Inmet.
As part of the accord, Minera Panama agreed to pay Petaquilla $3.3 million for accepting the deal, with an additional $46.7 million if PTQ meets specific deliverables before early July.An additional $5 million will be payable after one year conditional on certain approvals being granted with a final $5 million payable 30 days after the first ore shipment from the Cobre Panama project, provided PTQ has fulfilled all of the obligations and achieved all milestones set out.Mining has become one of the fastest growing sectors in the Panamanian economy, and it is expected to expand even quicker following the government announcement in January that it has identified mineral reserves estimated at $200 billion, at current prices.
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