The consortium behind the expansion of the Panama Canal believes that cracks found in the third set of locks will not delay the inauguration of the extended waterway planned for April 2016, the canal authority said on Wednesday.

The Grupo Unidos por el Canal (GUPC), led by Spain's Sacyr and Italy's Salini Impregilo, told the Panama Canal Authority (ACP) it is mending cracks in one of the lock's concrete walls caused by the lack of steel reinforcement and securing of other structures.

"The GUPC has given verbal indications that the finalization date is still April 2016, as planned," the ACP said in a statement, adding that it expected to receive formal notification of what caused the fissures.

The multibillion-dollar canal expansion was originally due to be completed by 2014 but delays and disputes between the GUPC and the ACP over cost overruns from the original $5.25 billion price tag have pushed back the date.

Salini Impregilo said last week the work would be finished on time, shortly after an ACP executive had told Reuters that delays were possible, which would be a blow for Panama. – Reuters