Inmet Announces First Quarter Earnings From Continuing Operations of $1.39 Per Share
(firmenpresse) - TORONTO, CANADA -- (Marketwire) -- 04/26/12 -- All amounts in Canadian dollars unless indicated otherwise.
Inmet (TSX: IMN) announces first quarter earnings from continuing operations of $1.39 per share compared to $0.97 per share in the first quarter of 2011.
First quarter highlights
Earnings from operations were $151 million compared to $117 million in the first quarter of 2011. Significantly higher copper sales volumes increased operating earnings by $72 million - a result of higher production at Las Cruces and Cayeli, and the timing of shipments at Cayeli. This was somewhat offset by lower realized copper and zinc prices relative to the first quarter of 2011 that reduced operating earnings by $26 million.
Las Cruces produced 13,300 tonnes of copper cathode in the quarter compared to 8,100 tonnes produced during the same period of 2011. The plant achieved record production of 10,300 tonnes of copper cathode in the first two months of 2012. March production was not at the same level due to scheduled maintenance and a one-day national strike in Spain. In April, Las Cruces expects to achieve monthly production of 6,000 tonnes of copper cathode (design capacity) for the first time.
On April 25, 2012, Korea Panama Mining Corporation (KPMC) completed its acquisition of a 20 percent interest in Minera Panama SA (Minera Panama), owner and developer of the Cobre Panama development project, for US $169 million in cash, representing, together with US $30 million it already paid, its 20 percent share of development costs to date, in accordance with the option agreement of 2009.
Key financial data
First quarter press release
Where to find it
In this press release, Inmet means Inmet Mining Corporation and we, us and our mean Inmet and/or its subsidiaries and joint ventures. This quarter refers to the three months ended March 31, 2012. Revised objective is as of April 26, 2012.
Caution with respect to forward-looking statements and information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This interim report contains statements about our business, results of operation and future financial condition.
These statements 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 like may, expect, anticipate, believe or other similar words. Our objectives and outlook have been prepared based on our existing operations, expectations and circumstances. Actual events and results could be substantially different, however, because of the risks and uncertainties associated with our business or events that happen after the date of this interim report.
You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except if there is an offering document or where securities legislation requires us to do so.
Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of Inmet. Accordingly, readers should not place undue reliance on forward-looking statements or information. Inmet undertakes no obligation to update forward-looking statements or information as a result of new information after the date of this interim report except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
Our financial results
Key changes in 2012
Understanding our performance
Metal prices
The table below shows the average metal prices we realized in US dollars and Canadian dollars (the prices we realize include finalization adjustments - see Gross sales on page 7).
Copper
Copper prices on the London Metals Exchange (LME) averaged US $3.77 per pound this quarter, an increase of 11 percent from the fourth quarter of 2011 and a 14 percent decrease from the first quarter of 2011.
Zinc
Zinc prices on the LME averaged US $0.92 per pound this quarter, a 7 percent increase from last quarter's average price of US $0.86 per pound and a 16 percent decrease from the first quarter of 2011.
Exchange rates
Exchange rates affect our revenue and earnings. The table below shows the average exchange rates we realized this quarter compared to 2011.
Our sales are affected by the conversion of US dollar revenue to Canadian dollars. Compared to the same quarter last year, the value of the Canadian dollar depreciated 1 percent relative to the US dollar, and appreciated 3 percent relative to the euro.
Our earnings are affected by changes in foreign currency exchange rates when we:
Treatment charges for copper increased
Treatment charges are one component of smelter processing charges. We also pay smelters for content losses and price participation.
The table below shows the average charges we realized this quarter. Zinc contracts for 2012 and 2011 were not finalized in the first quarter of the respective years and therefore the average charges represent the contract prices from the relevant prior year. Adjustments to contracts will be reflected in the second quarter.
Statutory tax rates
The table below shows the statutory tax rates for each of our taxable operating mines.
Earnings from operations
Gross sales were significantly higher
Key components of the change in gross sales: increasing sales volumes at Las Cruces, timing of shipments at Cayeli, lower realized copper prices
We record sales that settle during the reporting period using the metal price on the day they settle. For sales that have not settled, we use an estimate based on the month we expect the sale to settle and the forward price of the metal at the end of the reporting period. We recognize the difference between our estimate and the final price by adjusting our gross sales in the period when we settle the sale (finalization adjustment).
This quarter, we recorded $5 million in positive finalization adjustments from fourth quarter 2011 sales.
At the end of this quarter, the following sales had not been settled:
The finalization adjustment we record for these sales will depend on the actual price we receive when they settle, which can be up to five months from the time we initially record the sales. We expect these sales to settle in the following months:
Higher copper sales volumes, lower zinc sales volumes
Our sales volumes are directly affected by the amount of production from our mines and our ability to ship to our customers.
Sales volumes
Production
2012 outlook for sales
We use our production objectives to estimate our sales target. Our production guidance for copper and zinc remains as previously disclosed.
Our Canadian dollar sales revenues are affected by the US dollar denominated metal prices we receive and the exchange rate between the US dollar and Canadian dollar.
Zinc smelter processing charges down, copper charges up
Our copper treatment and refining charges were higher than they were in the first quarter of 2011 because our terms with smelters were higher, as we expected, and because we sold more copper. This was offset by lower zinc treatment charges this quarter than last year due mainly to lower zinc sales volumes at Pyhasalmi.
2012 outlook for smelter processing charges and freight
We expect our costs for copper treatment and refining to be slightly higher in 2012 than in 2011 based on recently signed agreements with our customers. A tight concentrate supply is expected to keep the copper market in a deficit position in 2012. We do not expect to pay copper price participation.
We expect total zinc smelter processing charges, including price participation, to be lower than in 2011 and a continued deficit to exist in the zinc concentrate market in 2012.
Las Cruces sells its copper cathode production directly to buyers in the Spanish and Mediterranean markets and therefore does not incur smelting processing charges and has relatively low freight costs.
We expect our ocean freight costs to be similar to rates realized in 2011.
Higher direct production costs and cost of sales
Direct production costs
Direct production costs were $9 million higher than in the first quarter of 2011, mainly because higher production at Las Cruces increased variable electricity and consumables costs, and from incremental costs associated with the nine day scheduled maintenance shutdown at this operation.
Inventory changes
Copper inventories at Cayeli decreased at the end of this quarter, and at Cayeli and Las Cruces in the first quarter of 2011, because of the timing of shipments.
Charges for mine rehabilitation and other non-cash charges
These charges include accruals for asset retirement obligations, provisions for severance and retirement and other non-cash expenses. We recorded a decrease of $3 million this quarter in post-closure liabilities at our closed properties. This decrease was a result of an increase in the discount rates we applied in determining the liabilities. Under International Financial Reporting Standards, we are required to revalue our asset retirement obligations for changes in market risk-free interest rates.
2012 outlook for cost of sales (excluding depreciation)
We expect consolidated direct production costs to be higher in 2012 because higher production at Las Cruces will increase total variable costs, primarily electricity and royalties.
Our budget for 2012 assumes our costs at Cayeli and Pyhasalmi will be similar to 2011.
Certain variable costs may continue to affect our earnings, depending on metal prices:
The total amount we spend in Canadian dollars will also be affected by the value of the US dollar and euro relative to the Canadian dollar.
Additionally, changes in market risk-free interest rates could significantly increase or decrease our costs related to mine rehabilitation at our closed properties.
Higher depreciation
Depreciation was higher this quarter than in 2011 mainly because of higher copper sales volumes at Las Cruces and Cayeli.
2012 outlook for depreciation
We expect depreciation to be higher in 2012 because of higher sales volumes at Las Cruces.
Corporate costs
Corporate costs include corporate development and exploration, general and administration costs, taxes, interest and other income.
Corporate development and exploration
Costs this quarter were $4 million lower than the first quarter of 2011. We incurred approximately $6 million of expenses in the first quarter of 2011 from the work related to the arrangement agreement to merge with Lundin Mining Corporation, which Inmet and Lundin Mining Corporation agreed to mutually terminate on March 29, 2011.
Investment and other income
Interest income
Interest income was higher this quarter compared to the same period last year because our cash balances were higher.
Foreign exchange losses
We have foreign exchange gains or losses when we revalue certain foreign denominated assets and liabilities.
Our foreign exchange losses were from:
We continue to hold US dollar bonds in Canada, and plan to use this money to fund our US dollar denominated capital program at Cobre Panama. We recognized total foreign exchange losses of $5.1 million on these funds this quarter because the US dollar depreciated in value relative to the Canadian dollar.
In 2012, we started to hold our euro-based operations' excess cash in US dollars, and as a result recognized foreign exchange losses of $4.5 million this quarter on the revaluation of US-denominated cash balances to euros.
Cayeli's income taxes are denominated in Turkish lira. This operation recognized a foreign exchange loss of $1.5 million this quarter from the revaluation of its taxes payable due to the depreciation of the US dollar (Cayeli's functional currency) relative to the Turkish lira.
2012 outlook for investment and other income
Investment and other income is affected by our cash and held to maturity investment balances, and by interest rates and exchange rates. At March 31, 2012, we held US $278 million in cash and held to maturity investments subject to translation in our Canadian accounts and US $247 million in cash subject to translation in our euro accounts.
Income tax expense
Our tax expense changes as our earnings change.
The consolidated effective tax rate is lower this quarter compared to the same quarter of last year, mainly because Cayeli's taxes were lower as it recognized a foreign exchange loss from its US dollar denominated cash (Cayeli's income taxes are denominated in Turkish lira). Additionally, there was a decrease in the statutory tax rate at Pyhasalmi from 26 percent to 24.5 percent.
2012 outlook for income tax expense
Other than the decrease in the statutory tax rate at Pyhasalmi from 26 percent to 24.5 percent, we expect the statutory tax rates at our operations to remain the same in 2012 as they were in 2011.
Discontinued operation - 2011
We sold our 18 percent equity interest in Ok Tedi in January 2011, and have reported our results relating to Ok Tedi in that year as discontinued operations. After-tax income of $83 million in 2011 includes net earnings of $17 million in January 2011, before the sale, and a gain on sale of $66 million net of withholding taxes. We paid Papua New Guinea withholding taxes of $28 million on the sale.
Results of our operations
2012 estimates
Our financial review by operation includes estimates for our 2012 operating earnings and operating cash flows. We have based these estimates on our 2012 objectives for production (using the midpoints in our production volume ranges) and cost per tonne of ore milled (cost per pound of copper produced at Las Cruces), as well as the following assumptions for the remaining nine months of the year:
Cayeli
Higher grades and recoveries increased copper production
Copper grades this quarter were higher than 2011, while zinc grades were lower, because we produced in different areas of the mine. This higher copper grade ore, and lower zinc grade ore, compared to last year led to higher copper recoveries and lower zinc recoveries respectively.
The result was higher copper production and lower zinc production compared to 2011. Due to the timing of shipments, Cayeli's copper sales volumes exceeded production volumes by approximately 3,000 tonnes this quarter and 1,500 tonnes in the first quarter of 2011.
Cost per tonne of ore milled this quarter was consistent with the same quarter last year and our target.
2012 outlook for production
In 2012, mill throughput should remain at approximately 1.2 million tonnes. We expect lower copper and zinc grades for the remainder of 2012 as we produce from lower grade areas of the mine. We continue to expect to produce between 27,000 tonnes and 30,000 tonnes of copper and between 36,000 and 39,800 tonnes of zinc. Zinc production at Cayeli from 2008 to 2011 benefitted from grades well above the average reserve grade of 4.3 percent. In 2012, lower zinc grades, as expected, account for the anticipated decline in zinc production. Both copper and zinc recoveries should remain near 2011 levels in 2012, reflecting the ongoing metallurgical challenges presented by the higher percentages of bornite containing ores and the decreasing zinc grade.
Financial review
Higher copper sales volumes due to higher copper production volumes and timing of shipments
The objective for 2012 uses the assumptions listed on page 13.
The table below shows what contributed to the change in operating earnings and operating cash flow between 2012 and 2011.
Capital spending
2012 outlook for capital spending
We expect to spend $20 million on capital in 2012, including $7 million to upgrade our ore pass system to address deterioration that has accumulated over time from normal abrasion, and to extend the shotcrete slickline and replace certain mobile equipment.
Las Cruces
Higher copper production
Las Cruces production this quarter was significantly higher than the first quarter of 2011, increasing to 13,300 tonnes of copper cathode from 8,100 tonnes. The plant achieved record production of 10,300 tonnes of copper cathode in the first two months of 2012. March production was lower due to a nine-day planned maintenance shutdown, a one-day national strike, and the time required for overall process stabilization following each of these stoppages. This represents the majority of scheduled shutdown time this year. We achieved recoveries of 85 percent in the quarter, a significant increase over the first quarter of last year when recoveries were affected by an oxygen supply failure.
A drier than normal rainy season has allowed the water level in the pit to remain low and all pond levels are within expected limits.
Cost per pound of copper produced this quarter was significantly lower than the same quarter of 2011 due to higher production volumes; however it was higher than our overall objective for this year due to lower production volumes to accommodate the plant shutdown in March and incremental shutdown costs of approximately $3 million.
2012 outlook for production
For 2012, we continue to expect to produce between 61,700 and 68,600 tonnes of copper cathode, or approximately 90 percent of design capacity. No major construction projects or major shutdowns are planned for the remainder of the year. In total, we expect a minimum of 90 percent operating time throughout 2012.
Las Cruces' unit operating costs should continue to decrease as production volumes increase and we have not made any adjustment to previous cost guidance.
Financial review
Higher sales volumes due to higher production
The objective for 2012 uses the assumptions listed on page 13.
The table below shows what contributed to the change in operating earnings and operating cash flow between 2012 and 2011.
Capital spending
2012 outlook for capital spending
We expect to spend $48 million on capital projects in 2012. The largest expenditures will come in the areas of mine development, tailings facility expansion and land purchase.
Pyhasalmi
Lower zinc grades this quarter in line with plan
Pyhasalmi maintained its strong performance in the first quarter of 2012, processing at an annualized rate in-line with its annual objective and achieving copper recoveries of 96 percent and zinc recoveries of 90 percent. Copper grades this quarter were slightly lower than the first quarter of 2011. Zinc grades this quarter were lower than the first quarter of 2011 and consistent with our plan, due to the availability of fewer zinc-rich stopes this year. Copper and zinc production this quarter were therefore lower than the first quarter of 2011.
Operating costs were higher this quarter primarily from labour and materials costs.
2012 outlook for production
Pyhasalmi expects to mine 1.4 million tonnes of approximately 1 percent copper and 2 percent zinc in 2012, and produce between 11,300 tonnes and 12,600 tonnes of copper and 22,800 tonnes and 25,200 tonnes of zinc. Copper and zinc production should be lower than it was in 2011 as fewer higher grade stopes are available in the short-term mining sequence. Both copper and zinc grades should recover after 2012.
Pyhasalmi expects to produce 800,000 tonnes of pyrite in 2012 and expects to sell 915,000 tonnes of pyrite, an increase of 115,000 tonnes from our original objective, due to stronger demand from Asian customers.
Financial review
Lower earnings because of lower zinc sales volumes
The objective for 2012 uses the assumptions listed on page 13.
The table below shows what contributed to the change in operating earnings and operating cash flow between 2012 and 2011.
Capital spending
2012 outlook for capital spending
Capital spending of $10 million in 2012 will primarily be to replace underground mobile equipment, improve the tailings impoundment area, and upgrade the satellite ore grinding circuit and zinc cleaner cells.
Status of our development project
Cobre Panama
Basic engineering progressed this quarter and is currently under independent review. We continue to expect to conclude and report on basic engineering in the second quarter of 2012 and we continue to advance a range of financing options to provide us with the financial capacity to proceed with the project.
We made progress with several early works projects this quarter in preparation to proceed with construction, including further work on a pioneer road and other road by-passes and upgrades and the initiation of several permits required for additional work. We also continued with basic engineering of the power plant.
On April 25, 2012, KPMC completed its acquisition of a 20 percent interest in Minera Panama, owner and developer of Cobre Panama. KPMC acquired its interest for US $169 million in cash, representing, together with US $30 million it already paid, its 20 percent share of development costs to date.
2012 outlook for development
We plan to:
Capital expenditure guidance for the remainder of 2012 will be provided in the second quarter after basic engineering is concluded and with consideration of a final decision to proceed with full-scale construction of the project.
Managing our liquidity
We develop our financing strategy by looking at our long-term capital requirements and deciding on the optimal mix of cash, future operating cash flow, credit facilities and project financing.
Our capital structure includes a liquidity cushion that gives us the flexibility to deal with operational disruptions or general market downturns.
Our available liquidity also includes $571 million of held to maturity investments ($623 million at December 31, 2011), providing a total of $1,730 million in capital available to finance our growth strategy as at March 31, 2012.
OPERATING ACTIVITIES
Key components of the change in operating cash flows
Operating cash flows this quarter were consistent with the first quarter of 2011. While operating earnings before depreciation were higher than 2011 by $39 million, net working capital this quarter end was significantly higher mainly reflecting higher accounts receivable at Cayeli due to higher sales volumes and the timing of collections from customers.
2012 outlook for cash from operating activities
The table below shows expected operating cash flow from our operations, based on our outlook for metal prices and production (see page 13), and the assumptions in Results of our operations (starting on page 13).
2012 estimated operating cash flow by operation
INVESTING AND FINANCING
Capital spending
Please see Results of our operations and Status of our development project for a discussion of actual results and our 2012 objectives. Capital spending this quarter was mainly for Cobre Panama.
Cash from discontinued operation - 2011
In January 2011, we sold our 18 percent equity interest in Ok Tedi for net proceeds of $307 million (after Papua New Guinea withholding taxes).
Purchase and maturing of long-term investments
This quarter, $49 million of our bond portfolio matured and was converted into cash. In the first quarter of 2011, we used most of the US dollar proceeds from the sale of Ok Tedi to purchase US Treasury bonds with AA credit ratings.
2012 outlook for investing and financing
Capital spending
At our operating mines, we expect capital spending to be $78 million in 2012, most significantly $48 million at Las Cruces, including $22 million for mine development, as well as several smaller expenditures including a tailings facility expansion, land purchase and certain plant improvements. We will provide capital spending guidance for Cobre Panama for 2012 in the second quarter after basic engineering is finalized and released.
On April 25, 2012, KPMC completed its acquisition of a 20 percent interest in Minera Panama, owner and developer of Cobre Panama. KPMC acquired its interest for US $169 million in cash, representing, together with US $30 million it already paid, its 20 percent share of development costs to date.
Financial condition
Our strategy is to make sure we have sufficient liquidity (including cash and committed credit facilities) to finance our operating requirements as well as our growth projects. At March 31, 2012, we had $1,730 million in total funds, including $1,159 million of cash and short-term investments and $571 million invested in long-term bonds.
Cash
At March 31, 2012 our cash and short-term investments of $1,159 million included cash and money market instruments that mature in 90 days or less.
Our policy is to invest excess cash in highly liquid investments of the highest credit quality, and to limit our exposure to individual counterparties to minimize the risk associated with these investments. We base our decisions about the length of maturities on our cash flow requirements, rates of return and other factors.
At March 31, 2012, we held cash and short-term investments in the following:
See note 3 on page 36 in the consolidated financial statements for more details about where our cash is invested.
Long-term bonds
We hold a bond portfolio to provide better yields while minimizing our investment risk. As at March 31, 2012, the portfolio was $571 million and included:
The bonds mature between April 2012 and August 2016. Although our intention is to hold these investments to maturity, there is a liquid market for them and they are available to us at any time.
Restricted cash
Our restricted cash balance of $78 million as at March 31, 2012 included:
COMMON SHARES
Dividend declaration
The board of directors has declared an eligible dividend of $0.10 per common share payable on June 15, 2012 to common shareholders of record as at May 31, 2012.
Supplementary financial information
Page 26 includes supplementary financial information about cash costs. These measures do not fall into the category of International Financial Reporting Standards.
We use unit cash cost information as a key performance indicator, both on a segmented and consolidated basis. We have included cash costs as supplementary information because we believe our key stakeholders use these measures as a financial indicator of our profitability and cash flows before the effects of capital investment and financing costs, such as interest.
Since cash costs are not recognized financial measures under International Financial Reporting Standards, they should not be considered in isolation of earnings or cash flows. There is also no standard way to calculate cash costs, so they are not a reliable way to compare us to other companies.
About Inmet
Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). Following KPMC's acquisition of a 20 percent interest in Minera Panama, we have an 80 percent interest in Cobre Panama, a development property in Panama.
This press release is also available at .
First quarter conference call
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Starting at approximately 10:30 a.m. (ET) Friday, April 27, 2012, a conference call replay will be available
Notes to the consolidated financial statements
1. Corporate information
Inmet Mining Corporation is a publicly traded corporation listed on the Toronto Stock Exchange. Our registered and head office is 330 Bay Street, Suite 1000, Toronto, Canada. Our principal activities are the exploration, development and mining of base metals.
2. Basis of presentation and statement of compliance
We prepared these interim consolidated financial statements using the same accounting policies and methods as those described in our consolidated financial statements for the year ended December 31, 2011. These interim financial statements are in compliance with International Accounting Standard 34, Interim Financial Reporting (IAS 34). Accordingly, certain information and disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards have been omitted or condensed. The preparation of financial statements in accordance with IAS 34 requires us to use certain critical accounting estimates and requires us to exercise judgement in applying our accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, have been set out in note 4 to our consolidated financial statements for the year ended December 31, 2011. These interim financial statements should be read in conjunction with our consolidated financial statements for the year ended December 31, 2011, which are included in our 2011 annual report.
3. Cash and short-term investments
4. Restricted cash
5. Stock-based compensation
During the first quarter of 2012, the following issuances were made under our equity-based compensation plans:
Stock option plan
On February 22, 2012, a grant of 83,084 options was made to senior management, with an exercise price of $64.17, graded vesting and an expiry date of February 22, 2019. We calculated the compensation expense for these options using the Black Scholes valuation model and assuming the following weighted average parameters, resulting in a weighted average fair value of $29.23 per option: 5 year expected life, 50 percent expected volatility, expected dividend rate of 0.3 percent annually and a risk free interest rate of 1.5 percent.
Performance share unit (PSU) plan
On February 22, 2012, the Board granted 36,580 PSUs to senior executives based on a 5 day VWAP prior to the grant date of $64.17 and a 3 year vesting period from January 1, 2012 to December 31, 2014.
We used a Monte Carlo simulation model to calculate the compensation expense for the PSUs assuming no forfeitures, 3 year historical average volatilities and a 3-year risk free interest rate of 1.33%, resulting in a March 31, 2012 fair value per PSU of $66.71.
We recognized the following share-based compensation expense in general and administration relating to all outstanding equity-based awards:
6. Accumulated other comprehensive loss
Accumulated other comprehensive loss includes:
Currency translation adjustments
The table below is breakdown of our currency translation adjustments.
The Canadian dollar to US dollar exchange rate was $1.00 at March 31, 2012 and $1.02 at December 31, 2011. The Canadian dollar to euro exchange rate was $1.33 at March 31, 2012 and $1.32 at December 31, 2011.
7. Investment and other income
Foreign exchange loss is a result of:
8. Finance costs
9. Income tax
For the three months ended March 31, 2012:
For the three months ended March 31, 2010:
10. Sale of our interest in Ok Tedi
On January 29, 2011, Ok Tedi Mining Limited repurchased our 18 percent equity interest in Ok Tedi for US $335 million. Our interest in Ok Tedi met the criteria of an asset held for sale, so we presented our share of the results of operations of Ok Tedi as discontinued operations in the consolidated statements of earnings and the consolidated statements of cash flow retroactively. In 2011, after-tax income of $83 million from this discontinued operation includes net earnings of $17 million in January, before the sale, and a gain on sale of $66 million net of withholding taxes. Papua New Guinea withholding taxes of $28 million were paid on the sale and no Canadian taxes were payable because we utilized our Canadian tax attributes.
The following tables provide a breakdown of our share of the earnings at Ok Tedi for the three months ended March 31, 2011.
Statements of earnings
11. Net income per share
The table below shows our earnings per common share for the three months ended March 31.
12. Statements of cash flows
The tables below show the components of our net change in non-cash working capital by segment.
For the three months ended March 31, 2012:
For the three months ended March 31, 2011:
13. Capital commitments
As at March 31, 2012, Cobre Panama had committed $149.1 million for the design and supply of two SAG mills, four ball mills and the related gearless drives, engineering, and early works.
14. Event after balance sheet date
On April 25, 2012, Korea Panama Mining Corporation completed its acquisition of a 20 percent interest in Minera Panama, SA, owner and developer of Cobre Panama, for US $169 million in cash, representing, together with US $30 million it already paid, its 20 percent share of development costs to date.
Contacts:
Inmet Mining Corporation
Jochen Tilk
President and Chief Executive Officer
+1.416.860.3972
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1.416.361.4808
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