TORONTO, CANADA, May 06, 2012 (MARKETWIRE via COMTEX) -- Inmet Mining Corporation CA:IMN -2.54%(Inmet) is pleased to announce the completion of Basic Engineering for the Cobre Panama project and the launch of a financing plan to fully fund Inmet's 80 percent share of the related development costs.
The Cobre Panama project, located in the Donoso District of Panama, is owned by Minera Panama, S.A. (MPSA), an 80 percent owned subsidiary of Inmet. Cobre Panama is one of the largest undeveloped copper porphyry deposits in the world. MPSA has completed the most important steps of permitting and Basic Engineering, and is now ready to start construction. Korea Panama Mining Corporation (KPMC), a consortium of LS-Nikko Copper Inc. and Korea Resources Corporation, owns 20 percent of MPSA and is our partner in the project. Upon closing of the proposed offering of senior, unsecured notes described in a separate press release issued today, Inmet would authorize the issuance of a "Full Notice to Proceed" for major construction.
Jochen Tilk, Inmet's President and CEO said "Inmet has been involved in the development of Cobre Panama for the past 20 years. Since the early days, three separate areas of advancement have converged to strengthen our commitment: first, the deposit has grown substantially; secondly, the communities in the area have participated in and supported the development plans; and finally, Basic Engineering has presented a clear execution strategy. We have focused on the social and environmental commitments for this project as it is our priority to ensure the protection of these values. The results of Basic Engineering have demonstrated robust economics, and we are executing a solid financing plan that does not include issuing equity. The coming four years will be transformative for Inmet as we expect to grow significantly as a low cost copper producer."
We will hold a conference call and webcast with a PowerPoint presentation tomorrow, May 7, at 8:00 am ET to provide you with further detail on Cobre Panama. A summary of Basic Engineering has also been posted separately to our website at
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