Inmet Mining Announces KPMC Decision to Exercise Cobre Panama Option
Korea Panama Mining Corporation to earn a 20% project interest for US $155 million investment
(firmenpresse) - TORONTO, CANADA -- (Marketwire) -- 01/10/12 -- Inmet Mining Corporation (Inmet) (TSX: IMN) announced today that it has received notice from Korea Panama Mining Corporation (KPMC) that KPMC has elected, under its Option Agreement, to acquire a 20% interest in the Cobre Panama development project, leaving Inmet with an 80% interest.
As described in our press release dated January 3, 2012, KPMC is a joint venture between LS-Nikko Copper Inc. (LS-Nikko) and Korean Resources Corporation (KORES). The Option Agreement was announced October 28, 2009, and enables KPMC to acquire a 20% interest in the project for investment of approximately US $155 million, representing KPMC's share of historical development costs incurred to the date of the Option Agreement and their proportionate share of development costs incurred above a cap of $150 million. This transaction is subject to customary conditions and is expected to close by the end of February 2012.
After closing, KPMC will continue to fund its 20% of development costs, and Minera Panama SA (MPSA), the owner of the Cobre Panama project, and KPMC will enter into an off-take purchase agreement, enabling KPMC to purchase a 20% share of MPSA's concentrates production on arm's length market terms, subject to KPMC arranging for related financing.
Forward looking information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
About Inmet
Inmet is a Canadian-based global mining company that produces copper, zinc and pyrite. We have three wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). At closing of the Option Agreement, we will have an 80 percent interest in Cobre Panama, a development property in Panama.
This press release is also available at .
About LS-Nikko
LS-Nikko is one of the world's leading mining and smelting companies and owns the Onsan copper smelter and refinery in Korea, which has an annual capacity of 560 thousand of copper cathodes and is unique in utilizing both the Outokumpu and the Mitsubishi smelting technology. LS-Nikko has interests in exploration and development stage projects: Boleo, Rio Blanco, Marcona, and Corocoro. Deloitte Corporate Finance acted as financial advisor to LS-Nikko and KPMC.
About KORES
KORES was incorporated in 1967 and it has since contributed to the national economic development of Korea by supplying stable energy and industrial mineral resources. KORES is especially focused on securing a supply of bituminous coal, uranium, iron, copper, zinc and nickel which the Korean government has selected as the six strategic minerals.
Contacts:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 416 361 4808
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Datum: 10.01.2012 - 13:30 Uhr
Sprache: Deutsch
News-ID 102620
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