IMN-t...in the news:
NP/Bloomberg say Inmet Mining touches three-year high
Mon 7 Jan 2002
The National Post reports in its Saturday, Jan. 5, edition that Inmet
Mining touched an intraday three-year high of $3.45 before settling back to
finish at $3.30, ahead 10 cents on the Toronto Stock Exchange Friday. A
Bloomberg News dispatch to the Post reports that the stock is being buoyed
by optimism about the zinc and copper-mining company's latest acquisitions
and speculation that metal prices are set to rise. Inmet made two
acquisitions in December as part of its expansion plans. It bought an
additional 6 per cent of the the Cayeli copper and zinc site in Turkey for
$13-million, raising its stake to 55 per cent, and purchased the Pyhaesalmi
mine in Finland for $82.6-million from Outokumpu Oyj. Canaccord Capital
analyst Greg Barnes says, "The real kicker was the buy in the Finnish mine
-- that's a big acquisition." He rates the stock a "buy" and does not own
any. The Finnish mine, which annually produces 14,000 tons of zinc, is
expected to operate until 2014. The mine employs 200 workers. The shares
have also gotten a push from optimism that demand for metals such as copper
will gain as economies recover. Copper lost almost a fifth of its value
last year, reports Bloomberg. |
