Inmet Reports Closing of the Ok Tedi Transaction
TORONTO, CANADA -- (Marketwire) -- 01/28/11 -- Inmet Mining Corporation (Inmet) (TSX: IMN) announced today the closing of the previously announced transaction with Ok Tedi Mining Limited (OTML), whereby Inmet disposed of its 18 percent equity interest in OTML, as described in the press release dated December 2, 2010.
Inmet received gross proceeds of US$335 million which resulted in net proceeds received by Inmet of approximately US$307 million, after withholding taxes paid in Papua New Guinea (PNG). There will be no further Canadian or PNG taxes owing with respect to this transaction and the withholding taxes of US$28 million paid in PNG will be available as a credit to reduce income taxes otherwise payable in Canada.
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 statements about our future financial condition, results of operations and business.
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, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
About Inmet
Inmet is a Canadian-based global mining company that produces copper and zinc. We have interests in three mining operations in locations around the world: Cayeli, Las Cruces, and Pyhasalmi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.
Contacts:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
1-416-361-4808
www.inmetmining.com