Canadian Mining Journal

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BASE METALS: Inmet reaches high end of 2012 guidance

TORONTO – Jochen Tilk, president and CEO of Inmet Mining is pleased that the company has met the upper end of its 2012 production guidance. A total of 111,700 tonnes of copper and 66,300 tonnes of zinc were recorded at Inmet's three mines...


TORONTO – Jochen Tilk, president and CEO of Inmet Mining is pleased that the company has met the upper end of its 2012 production guidance. A total of 111,700 tonnes of copper and 66,300 tonnes of zinc were recorded at Inmet’s three mines – Cayeli in Turkey, Las Cruces in Spain and Pyhasalmi in Finland.

Copper output was attributed 31,400 tonnes to Cayeli, 67,700 tonnes to Las Cruces, and 12,600 tonnes to Pyhasalmi.

Zinc production was 40,700 tonnes from Cayeli and 25,600 tonnes from Pyhasalmi.

Inmet presented its 2013 production plans as being between 108,300 and 116,300 tonnes of copper and between 56,200 and 62,400 tonnes of zinc. The company is aiming for cash cost per pound of copper between US$0.91 and US$0.97.

Interested persons may listen to a conference call on Feb. 21, 2013, after the close of trading. Instructions will be available at InmetMining.com.

Meanwhile, Inmet is the target of a takeover by First Quantum Minerals of Vancouver. The west coast company has offered C$72 per Inmet share (cash, shares or a combination of both) that puts an implied value of C$5.1 billion on Inmet. The two companies are at odds over the deal.