TORONTO, CANADA--(Marketwire - Feb. 13, 2013) - Inmet Mining Corporation ("Inmet") (TSX:IMN) today reports that a hearing date has been set by the Ontario Securities Commission (the "OSC") regarding the Inmet shareholder rights plan (the "Rights Plan") on February 25, 2013. This hearing will address the application by First Quantum Minerals Ltd. ("First Quantum") to the OSC to cease trade the Rights Plan.
The expiry date of the First Quantum offer to acquire Inmet (the "First Quantum Offer") is February 27, 2013. The ability to take up shares under the First Quantum Offer is subject, among other things, to First Quantum succeeding with its cease trade application.
The Rights Plan is intended to ensure that, in the context of the First Quantum Offer, the Inmet Board has sufficient time to evaluate a range of additional strategic alternatives aimed at enhancing shareholder value. The Rights Plan also seeks to ensure the fair treatment of shareholders and to provide them with adequate time to properly assess any potential takeover bid without undue pressure.
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. These statements involve known and unknown risks and uncertainties, including those associated with current global economic and financial conditions, metal prices, Inmet's share price, the cost and availability of key development and production inputs, labour shortages or disruptions, environmental and health and safety risks, reserve and production estimates, exploration and development of new and existing mines, political and country risks, additional funding requirements, financial leverage, the outcome of the First Quantum Offer and the strategic alternatives process that Inmet is currently undertaking, and other factors which may cause the actual results, performance or achievements of Inmet to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.
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 have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.
This press release is also available at www.inmetmining.com.