PAPUA NEW GUINEA — Inmet Mining of Toronto has reached an agreement with the government of Papua New Guinea to trade Inmet's 18% equity interest in Ok Tedi Mining Ltd. for a 5% net smelter return (NSR). Ok Tedi Mining (PNG Sustainable Development 63% and the government of Papua New Guinea 30%) operates the gold mine.
The NSR will apply to mine output under the current mine plan, less treatment charges and penalties, insurance, freight and sampling/assaying and a 2% royalty to the government of Papua New Guinea the Western Province and local landowners. The term of the NSR is expected to continue from closing until December 31, 2013.
Inmet continues to operate the Troilus copper mine in Quebec, the Pyhäsalmi copper-zinc mine in Finland, the Las Cruces copper mine in Spain, and the Çayteli copper mine in Turkey. The company also has one development property, the Cobre Panamà copper-molybdenum project in Panama.
See www.InmetMining.com for details.
Comments