MONTREAL – SNC-Lavalin Group has been informed that since First Quantum Minerals' takeover of Inmet Mining, the joint venture headed by SNC is no longer needed at the Cobre Panama development project. Inmet subsidiary Mineral Panama SA told the venture that its services are terminated at both the mine and mineral processing plant projects.
"Until a notice of resumption (if any) is received with respect to the suspended work, the residual value of SNC-Lavalin's portion of the contract will be debooked from its backlog in the first quarter of 2013. The value of the suspended and terminated work was worth approximately $120 million in anticipated services revenues," the engineering firm said in a release.
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