Northern Peru INMET MINING of Toronto has sold its 3.3% net proceeds interest in the Antamina zinc and copper mine to NORANDA INC. The deal netted Inmet US$22.5 million, which will be used to pay off corporate debt.
Noranda owns 33.75% of the mine. Its partners are BHP BILLITON (33.75%), TECK COMINCO (22.5%) and MITSUBISHI CORP (10%).
The Antamina mine has an in-pit resources of 530 million tonnes grading 1.22% Cu, 1.0% Zn and 13.7 g/t Ag. In 2002 production was 111,600 t of copper and 77,900 t of Zn in concentrate.
Inmet has interests in base and precious metal mines in Canada, Finland, Turkey, and Papua New Guinea. Visit the web site at www.inmetmining.com.