Inmet Mining Completes Pyhasalmi Purchase
TORONTO, March 19 /CNW/ - Inmet Mining Corporation (IMN-TSE) announced
today that it has completed its previously announced acquisition of the
Pyhasalmi copper and zinc mine, located in central Finland, from Outokumpu Oyj
("Outokumpu"). As part of the transaction, Inmet has also acquired over 3,000
hectares of other exploration claims in Finland. In addition, Inmet and
Outokumpu have entered into agreements that create an alliance to cooperate in
the area of mining and mineral processing, technology, smelting, refining and
the development of future mining projects.
The purchase price paid by Inmet included EUR 45 million in cash, a EUR
14 million 10-year 6% promissory note and the issuance to Outokumpu of 4
million common shares of Inmet at a price of $4.50 per share. The EUR 45
million cash payment was funded through a U.S.$40 million 5-year revolving
credit facility. As a result of the share issuance, Inmet now has 39,275,600
issued and outstanding common shares, of which Outokumpu owns approximately
10.2%. Inmet will consolidate the results of Pyhasalmi effective March 19,
2002.
Inmet is a Canadian based international mining company. Inmet's operating
base now consists of four competitive mining operations: Cayeli, Pyhasalmi,
Troilus and Ok Tedi. Inmet's mining operations produce copper, zinc and gold.
Inmet's growth strategy is focused on finding quality base metal reserves.
This press release is also available at www.inmetmining.com.
All dollar amounts are in Canadian dollars unless otherwise noted. |
