Inmet Mining Corporation

Inmet Mining Corporation

March 15, 2010 18:00 ET

Inmet Mining Announces that Option Agreement with LS-Nikko to Invest in Cobre Panama Project is Confirmed at 20%

TORONTO, CANADA--(Marketwire - March 15, 2010) - Inmet Mining Corporation (Inmet) (TSX:IMN) announced today that LS-Nikko, through its wholly owned subsidiary, Korea Panama Mining Corporation (KPMC), has decided to keep its option to acquire an equity interest in Minera Panama, S.A. (MPSA), owner of the Cobre Panama project, at the current 20 percent level. The option agreement previously announced on October 28, 2009, as amended, provided KPMC with the ability to elect to increase its option interest in the project to 30 percent prior to March 15, 2010 to allow for an additional Korean investor in KPMC. While the results of the technical and business due diligence were positive, KPMC was not able to settle on a satisfactory governance structure within the election deadline to accommodate an additional investor within KPMC. In light of other financing alternatives available, Inmet decided not to provide a further extension to the option timeline. Inmet is looking forward to working with KPMC and expanding its good relationship. KPMC has already seconded several Korean nationals to the project management team and is represented on the MPSA Board.

About Inmet

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in five mining operations in locations around the world: Cayeli, Las Cruces, Pyhasalmi, Troilus and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama.

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Contact Information

  • Inmet Mining Corporation
    Jochen Tilk
    President and Chief Executive Officer
    (416) 860-3972