Inmet Mining Corporation

Inmet Mining Corporation

December 15, 2010 09:16 ET

Inmet Mining Closes Leucadia Transaction Consolidating Ownership of Cobre Las Cruces

TORONTO, CANADA--(Marketwire - Dec. 15, 2010) - Inmet Mining Corporation (Inmet) (TSX:IMN) announced today the closing of the transaction detailed in a press release dated November 29, 2010 with Leucadia National Corporation and an affiliate (Leucadia) to acquire a 30% indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine (Las Cruces). 

At closing, Inmet paid US$150 million in cash and issued to Leucadia 5,442,413 common shares. Leucadia was also released from its guarantee on US$72 million debt owed by Las Cruces to an affiliate of Inmet. As a result of the share issuance, the number of Inmet's issued and outstanding common shares has increased to 61,549,058 common shares and Leucadia now beneficially owns 11,042,413 Inmet shares, or 17.94% of Inmet's issued and outstanding common shares. 

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, zinc and gold. We have interests in four mining operations in locations around the world: Çayeli, Las Cruces, Pyhäsalmi and Ok Tedi. We also have a 100 percent interest in Cobre Panama, a development property in Panama. 

Contact Information

  • Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations