Inmet Mining Corporation

Inmet Mining Corporation

March 12, 2008 08:56 ET

Inmet Mining Confirms Ok Tedi Subject to Illegal Strike Action

TORONTO, ONTARIO--(Marketwire - March 12, 2008) - Inmet Mining Corporation (TSX:IMN) confirmed today that the Ok Tedi mine has been subjected to an illegal strike action by members of the Ok Tedi Mining and Allied Workers Union. The strike was initiated in connection with a demand for increased pay and has affected mining and milling operations as well as concentrate handling and shipping at the Kiunga port facility.

Ok Tedi management has advised Inmet that the strike action is contrary to Ok Tedi's industrial agreement with the union because the demand for increased pay is outside of the agreement's bargaining period. The industrial agreement expires in August 2010. Ok Tedi management is taking appropriate steps to address the strike action and has called in representatives of the Papua New Guinea Department of Labour and Industrial Relations (DLIR) to facilitate a resolution in accordance with the industrial agreement and applicable laws. The DLIR has indicated to the union executive that the strike action is unlawful. While there can be no certainty at this time, Ok Tedi management believes that employees will return to work within 24 hours.

Inmet estimates that its 2008 copper production will be reduced by 85 tonnes while 2008 gold production will be reduced by 330 ounces for each day the strike continues.

About Inmet - Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in four mining operations in locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also have interests in two development properties, Las Cruces and Cerattepe, and one pre-development property, Petaquilla.

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Contact Information

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