Inmet Mining Corporation

TSX : IMN


Inmet Mining Corporation

November 20, 2012 07:53 ET

Inmet Mining Announces Purchase of Mine Mobile Equipment Fleet for Cobre Panama

TORONTO, CANADA--(Marketwire - Nov. 20, 2012) - Inmet Mining Corporation ("Inmet") (TSX:IMN) is pleased to announce that its subsidiary, Minera Panama S.A. (MPSA), has completed the selection of mine mobile equipment vendors and has awarded contracts for the supply of:

  • rope shovels to P&H Mining Equipment Inc.;
  • hydraulic shovels/excavators and trucks to Komatsu Holding South America;
  • ancillary and support equipment to IIASA Panama S.A. (Caterpillar); and
  • rotary drills to Atlas Copco Drilling Solutions LLC.

The total order consists of 84 pieces of equipment that will be progressively delivered to site starting in 2013 in time for commencement of pre-stripping operations in Q4 2014 and ahead of the commissioning of the mineral process plant and first shipment of concentrate in Q1 2016. The total amount of the award for all 84 pieces of equipment is US$349 million.

Individual contracts have been negotiated with each one of the vendors for both the supply of the equipment and the maintenance and service of their fleet for the first 5 years of operation.

Capital commitments for Cobre Panama are currently in excess of US$2.9 billion.

About Cobre Panama

Cobre Panama is 100 percent owned by Minera Panama S.A., an 80-percent owned subsidiary of Inmet. Full details on the project are available from Inmet's public disclosures on its website at www.inmetmining.com and SEDAR, including details relating to the deposit.

About Inmet

Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.

Contact Information

  • Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations
    +1 416-361-4808

    Inmet Mining Corporation
    Jochen Tilk
    President and CEO
    +1 416-860-3972
    www.inmetmining.com