Inmet Mining Announces Closing of Kpmc Transaction
TORONTO, CANADA -- (Marketwire) -- 04/25/12 -- Inmet Mining Corporation (Inmet) (TSX: IMN) announced today that Korea Panama Mining Corporation (KPMC) has completed its acquisition of a 20% interest in Minera Panama SA (MPSA), owner and developer of the Cobre Panama development project. KPMC acquired its interest for US $169 million in cash. This combined with the US $30 million option price previously paid represents KPMC's 20% share of development costs for Cobre Panama incurred to date. Inmet now holds an 80% interest in MPSA.
KPMC is a joint venture between LS-Nikko Copper Inc. (LS-Nikko) and Korea Resources Corporation (KORES).
Jochen Tilk, Inmet President and CEO commented "Closing this transaction solidifies our partnership with LS-Nikko and KORES. We welcome them as MPSA shareholders and look forward to jointly advancing this world class project."
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. 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 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 MPSA, we have an 80 percent interest in Cobre Panama, a development property in Panama.
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 tonnes 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.
This press release is also available at www.inmetmining.com.
Contacts:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 416 361 4808
www.inmetmining.com