Inmet Mining Announces Purchase of Mine Mobile Equipment Fleet for Cobre Panama
TORONTO, CANADA -- (Marketwire) -- 11/20/12 -- Inmet Mining Corporation ("Inmet") (TSX: IMN) is pleased to announce that its subsidiary, Minera Panama S.A. (MPSA), has completed the selection of mine mobile equipment vendors and has awarded contracts for the supply of:
-- rope shovels to P&H Mining Equipment Inc.;
-- hydraulic shovels/excavators and trucks to Komatsu Holding South
America;
-- ancillary and support equipment to IIASA Panama S.A. (Caterpillar); and
-- rotary drills to Atlas Copco Drilling Solutions LLC.
The total order consists of 84 pieces of equipment that will be progressively delivered to site starting in 2013 in time for commencement of pre-stripping operations in Q4 2014 and ahead of the commissioning of the mineral process plant and first shipment of concentrate in Q1 2016. The total amount of the award for all 84 pieces of equipment is US$349 million.
Individual contracts have been negotiated with each one of the vendors for both the supply of the equipment and the maintenance and service of their fleet for the first 5 years of operation.
Capital commitments for Cobre Panama are currently in excess of US$2.9 billion.
About Cobre Panama
Cobre Panama is 100 percent owned by Minera Panama S.A., an 80-percent owned subsidiary of Inmet. Full details on the project are available from Inmet's public disclosures on its website at www.inmetmining.com and SEDAR, including details relating to the deposit.
About Inmet
Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Cayeli (Turkey), Las Cruces (Spain) and Pyhasalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama, currently in construction.
Contacts:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 416-361-4808
Inmet Mining Corporation
Jochen Tilk
President and CEO
+1 416-860-3972
www.inmetmining.com
