TURKEY Toronto-based INMET MINING has acquired the remaining 45% of the ayeli copper/zinc mine from the Turkish government for US$49.25 million. The operating company, ayeli Bakir Isletmeleria AS, is now a wholly-owned subsidiary of Inmet.
ayeli produced 33,500 tonnes of copper and 33,600 tonnes of zinc in 2003. It is among the world’s lowest cost underground base metal producers, consistently achieving costs of between US$0.40 and US$0.45/lb of copper. It has proven and probable reserves of 15.93 million tonnes grading 3.6% Cu and 5.6% Zn.
Besides boosting Inmet’s base metal production, this deal increases the company’s interest in the Cerattepe development property and the Rize exploration properties to 100%. The Cerattepe property has probable resources of 1.32 million tonnes grading 10% Cu and 0.5% Zn.
To view Inmet’s latest presentation to the investment community, go to www.InmetMining.com and click on "Webcasts and Presentations" in the link for Investors.