Inmet Mining Corporation
TSX : IMN

Inmet Mining Corporation
Lundin Mining Corporation
TSX : LUN
OMX : LUMI

Lundin Mining Corporation

March 29, 2011 18:37 ET

Lundin and Inmet Mutually Terminate Arrangement Agreement

TORONTO, CANADA--(Marketwire - March 29, 2011) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining") and Inmet Mining Corporation (TSX:IMN) ("Inmet") jointly announced today that they have terminated the arrangement agreement dated January 12, 2011 between them in accordance with its terms.

As a result, the formerly announced Special Meetings of Shareholders of both Inmet and Lundin Mining, scheduled for April 4, 2011, are cancelled. The parties have agreed that Inmet's right to a break fee of $120 million, in accordance with the arrangement agreement, will be preserved in connection with the unsolicited offer of Equinox Minerals Limited to acquire Lundin Mining.

In a joint statement, Mr. Phil Wright, President and CEO of Lundin Mining, and Mr. Jochen Tilk, President and CEO of Inmet, said "Inmet and Lundin believe that this merger would have created a leading copper producer with benefits for both companies' shareholders. 

"We have however agreed to mutually terminate the agreement on the grounds that we could not reach a position that we thought would be supported by both companies' shareholders.

"We continue to think very highly of each other's assets and wish each other well."

ABOUT INMET

Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We have interests in three mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We also have a 100 percent interest in Cobre Panama, a development project in Panama.

This press release is also available at www.inmetmining.com.

ABOUT LUNDIN

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a development project pipeline which includes an expansion project at its Neves-Corvo mine along with its equity stake in the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo.

Contact Information

  • Investor Relations: Inmet Mining Corporation
    Flora Wood
    Director, Investor Relations
    +1 (416) 361-4808
    www.inmetmining.com
    or
    Media Relations: Drysdale Forstner Hamilton Public Affairs
    Bruce Drysdale
    +1 (416) 206-0118 x.220
    or
    Investor Relations: Lundin Mining Corporation
    Sophia Shane, Investor Relations
    North America
    +1 (604) 689-7842
    or
    Lundin Mining Corporation
    John Miniotis
    Senior Business Analyst
    +1-416-342-5560
    or
    Lundin Mining Corporation
    Robert Eriksson, Investor Relations
    Sweden
    +011 (46) 8 545 015 50