Document:

Exhibit 4.8

 

FORM 51-102F3

 

Material Change Report

 

Item 1                                    Name and Address of Company

 

Inmet Mining Corporation
 330 Bay Street 
 Suite 1000
 Toronto, Ontario
 M5H 2S8

 

Item 2                                    Date of Material Change

 

May 6, 2012

 

Item 3                                    News Release

 

A news release announcing the material change referred to in this report was issued by Inmet Mining Corporation (“Inmet”) on May 6, 2012 through the facilities of Marketwire and filed on the System for Electronic Document Analysis and Retrieval (SEDAR). A copy of the news release is attached as Schedule “A”.

 

Item 4                                    Summary of Material Change

 

On May 6, 2012, Inmet announced the completion of Basic Engineering for the Cobre Panama project and the launch of a financing plan to fully fund Inmet’s 80 percent share of the related development costs.

 

Item 5                                    Full Description of Material Change

 

For a full description of the material change, please see Schedule “A”.

 

Item 6                                    Reliance on subsection 7.1(2) of National Instrument 51-102

 

Not applicable.

 

Item 7                                    Omitted Information

 

Not applicable.

 

Item 8                                    Executive Officer

 

For further information please contact Steve Astritis, Vice President, Legal and Corporate Affairs of Inmet Mining Corporation at the above-mentioned address or by telephone at (416) 361-6400.

 

Item 9                                    Date of Report

 

May 16, 2012

 

 

Schedule “A”

 

 

 

	
PRESS RELEASE

 

FOR IMMEDIATE RELEASE
   May 6, 2012
    	
Inmet Mining Corporation

Suite 1000

330 Bay Street

Toronto,   Canada  M5H 2S8

Tel:    (1) 416-361-6400

Fax:      (1) 416-368-4692

www.inmetmining.com
    

 

INMET ANNOUNCES BASIC ENGINEERING RESULTS AND FINANCING PLAN
 FOR THE COBRE PANAMA PROJECT

 

TORONTO, Canada —InmetMining Corporation (TSX: IMN)(Inmet) is pleased to announce the completion of Basic Engineering for the Cobre Panama project and the launch of a financing plan to fully fund Inmet’s 80 percent share of the related development costs.

 

The Cobre Panama project, located in the Donoso District of Panama, is owned by Minera Panama, S.A. (MPSA), an 80 percent owned subsidiary of Inmet. Cobre Panama is one of the largest undeveloped copper porphyry deposits in the world.  MPSA has completed the most important steps of permitting andBasic Engineering, and isnow ready to start construction. Korea Panama Mining Corporation (KPMC), a consortium of LS-Nikko Copper Inc. and Korea Resources Corporation, owns 20 percentof MPSA and is our partner in the project.  Upon closing of the proposed offering of senior, unsecured notes described in a separate press release issued today, Inmet would authorize the issuance of a “Full Notice to Proceed” for major construction.

 

Jochen Tilk, Inmet’s President and CEO said “Inmet has been involved in the development of Cobre Panama for the past 20 years. Since the early days, three separate areas of advancement have converged to strengthen our commitment:  first, the deposit has grown substantially; secondly, the communities in the area have participated in and supported the development plans; and finally, Basic Engineering has presented a clear execution strategy. We have focused on the social and environmental commitments for this project as it is our priority to ensure the protection of these values. The results of Basic Engineering have demonstrated robust economics,and we are executing a solid financing plan that does not include issuing equity. The coming four years will be transformative for Inmet as we expect to grow significantly as a low cost copper producer.”

 

We will hold a conference call and webcast with a PowerPoint presentation tomorrow, May 7, at 8:00 am ET to provide you with further detail on Cobre Panama.  A summary of Basic Engineering has also been posted separately to our website at www.inmetmining.com.

 

 

Results of Basic Engineering

 

Project Highlights

 

	
 
    	
 
    	
Description
    
	
Reserves(1)
    	
 
    	
9.3Mt Cu
    	
 
    	
5.2M oz Au
    	
 
    	
104M oz Ag
    	
 
    	
169k t Mo
    
	
Resources (measured & indicated)(1)
    	
 
    	
14.7Mt Cu
    	
 
    	
9.0M oz Au
    	
 
    	
168M oz Ag
    	
 
    	
238k t Mo
    
	
Resources (inferred)(1)
    	
 
    	
8.7Mt Cu
    	
 
    	
4.8M oz Au
    	
 
    	
121M oz Ag
    	
 
    	
156k t Mo
    
	
Annual production (Yr 2-16)
    	
 
    	
298kt Cu
    	
 
    	
106k oz Au
    	
 
    	
1.6M oz Ag
    	
 
    	
3,100 t Mo
    
	
Annual production (LOM)
    	
 
    	
266kt Cu
    	
 
    	
87k oz Au
    	
 
    	
1.5M oz Ag
    	
 
    	
2,900 t Mo
    
	
NSR breakdown at US$2.75/lb Cu
    	
 
    	
Cu 87%
    	
 
    	
Au 6%
    	
 
    	
Mo 5%
    	
 
    	
Ag 2%
    
	
Life of Mine (reserves only)
    	
 
    	
31+ years
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
C1 cash costs (Yr 2-16)
    	
 
    	
US$0.72/lb Cu
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
C1 cash costs (LOM)
    	
 
    	
US$0.82/lb Cu
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ore throughput capacity
    	
 
    	
160ktpd to 240ktpd throughput with further   expansion capacity
    
	
Average strip ratio
    	
 
    	
0.58:1 
    
	
Concentrate
    	
 
    	
Clean concentrate with no penalties for   deleterious elements
    
	
Logistics  Power   Supply
    	
 
    	
On tidewater with immediate proximity to Panama   Canal  MPSA-owned 300 megawatt coal-fired power plant
    

 

(1)Reserves and resources are quoted on a contained metal basis; measured and indicated resources are quoted including reserves.  Mineral reserve and resource table as disclosed in our 2011 Annual Information Form is attached as Appendix A.

 

Economics

 

The table below shows the levered net present value and rate of return at various metal prices. Rate of returns are after tax, taking working capital into consideration.

 

	
 
    	
 
    	
Price Scenarios
    	
 
    
	
Copper (US$/lb)
    	
 
    	
2.75
    	
 
    	
3.00
    	
 
    	
3.25
    	
 
    	
3.50
    	
 
    
	
Gold (US$/oz)
    	
 
    	
1250
    	
 
    	
1,364
    	
 
    	
1,477
    	
 
    	
1591
    	
 
    
	
Silver (US$/oz)
    	
 
    	
20.00
    	
 
    	
21.82
    	
 
    	
23.64
    	
 
    	
25.45
    	
 
    
	
Molybdenum (US$/lb)
    	
 
    	
15.00
    	
 
    	
16.36
    	
 
    	
17.73
    	
 
    	
19.09
    	
 
    
	
IRR
    	
 
    	
14.3
    	
%
    	
16.5
    	
%
    	
18.5
    	
%
    	
20.4
    	
%
    
	
Net present value 8% (US$B)
    	
 
    	
3.2
    	
 
    	
4.4
    	
 
    	
5.6
    	
 
    	
6.8
    	
 
    
	
Average   LOM Annual Free Cash Flow (US$ M)
    	
 
    	
809
    	
 
    	
932
    	
 
    	
1,056
    	
 
    	
1,179
    	
 
    

 

Assumes US$1.6 billion in senior debt, with 2% one time fees and 7.25% nominal interest rateon a 100% basis.

 

2

 

Capital Cost Estimates

 

Basic Engineering Capital Cost by Major Area

 

	
Area
    	
 
    	
CAPEX Total
    (US$M)
    	
 
    	
% of Project
    	
 
    
	
Mining 
    	
 
    	
760
    	
 
    	
12
    	
 
    
	
Process Plant 
    	
 
    	
1,184
    	
 
    	
19
    	
 
    
	
Site & Services 
    	
 
    	
550
    	
 
    	
9
    	
 
    
	
Port Site Facilities 
    	
 
    	
543
    	
 
    	
9
    	
 
    
	
Power Plant
    	
 
    	
646
    	
 
    	
10
    	
 
    
	
Total Direct Costs
    	
 
    	
3,682
    	
 
    	
59
    	
 
    
	
Construction Indirects
    	
 
    	
844
    	
 
    	
14
    	
 
    
	
Total Field Costs 
    	
 
    	
4,526
    	
 
    	
73
    	
 
    
	
EPCM Services 
    	
 
    	
355
    	
 
    	
6
    	
 
    
	
Owner Costs 
    	
 
    	
885
    	
 
    	
14
    	
 
    
	
Contingency 
    	
 
    	
415
    	
 
    	
7
    	
 
    
	
Project Total Costs 
    	
 
    	
6,181
    	
 
    	
100
    	
 
    

 

Note: Figures may not sum due to rounding

 

The following table reconciles this estimate to the capital cost estimate of US$4.3 billion announced in the Front End Engineering and Design study dated March 2010 (based on Q2 2009 dollars):

 

FEED Study to Basic Engineering Capital Cost Estimate Variances

 

	
 
    	
 
    	
CAPEX 
   Total
    (US$ M)
    	
 
    
	
FEED study capital costs   (power plant not included)
    	
 
    	
4,320
    	
 
    
	
Power plant 
    	
 
    	
646
    	
 
    
	
Increased process plant   capital cost estimate
    	
 
    	
403
    	
 
    
	
Increased mining capital   cost estimate
    	
 
    	
312
    	
 
    
	
Increased port site   capital cost estimate
    	
 
    	
285
    	
 
    
	
Other 
    	
 
    	
215
    	
 
    
	
Basic   Engineering Capital Cost Estimate
    	
 
    	
6,181
    	
 
    

 

3

 

The total capital estimate includes the direct field cost for executing the project, the contractor’s costs for engineering, procurement and construction management, the indirect costs of construction, as well as the cost of the owner-provided mining fleet, our owners’ costs incurred after May 1, 2012, contingency and growth.The capital estimate does not include any amount for escalation.

 

Sustaining capital, including a third line expansion operating from Year 10 onward, is estimated to be US$2.92 billion for the estimated 31-year life of mine and includes replacement of mobile equipment, tailings facility development, and water management systems.

 

If we move forward with Full Notice to Proceed in May, we expect total capital spending (on a 100 percent basis) excluding changes in net working capital and interest on long-term debt to be $885 millionin 2012.

 

Operating Costs

 

Operating costs are estimated to be US$6.88 per tonne of ore milled with mining costs benefitting from a low life of mine strip ratio of 0.58 tonnes waste per tonne of ore. The power cost would be US $1.01 per tonne of ore milled, or 4.4 cents per kWh (LOM) and 2.7 cents per kWh in the first nine years of mine life if we sell excess power back to the grid.

 

Summary of Operating Costs per Component (US$/t of ore milled)*

 

	
Cost Centre
    	
 
    	
Total
    	
 
    	
Labour
    	
 
    	
Material
    	
 
    	
Power
    	
 
    	
Other
    	
 
    
	
Mine
    	
 
    	
2.44
    	
 
    	
0.27
    	
 
    	
1.87
    	
 
    	
0.05
    	
 
    	
0.24
    	
 
    
	
Process Plant 
    	
 
    	
3.29
    	
 
    	
0.24
    	
 
    	
2.13
    	
 
    	
0.91
    	
 
    	
0.01
    	
 
    
	
G&A 
    	
 
    	
0.88
    	
 
    	
0.15
    	
 
    	
0.01
    	
 
    	
0.04
    	
 
    	
0.69
    	
 
    
	
Site Services 
    	
 
    	
0.28
    	
 
    	
0.11
    	
 
    	
0.07
    	
 
    	
0.01
    	
 
    	
0.09
    	
 
    
	
Total
    	
 
    	
6.88
    	
 
    	
0.77
    	
 
    	
4.08
    	
 
    	
1.01
    	
 
    	
1.03
    	
 
    

 

*Based on US$2.75/lbconsensuslong-term copper price.

 

C1 Cash Costs (US$/lb) Y2-16 and Life of Mine Average*

 

	
Cost Item
    	
 
    	
Years 2 – 16
    	
 
    	
LOM Average
    	
 
    
	
Mine 
    	
 
    	
0.30
    	
 
    	
0.32
    	
 
    
	
Plant
    	
 
    	
0.37
    	
 
    	
0.44
    	
 
    
	
G&A
    	
 
    	
0.11
    	
 
    	
0.12
    	
 
    
	
Site services
    	
 
    	
0.03
    	
 
    	
0.04
    	
 
    
	
Offsite costs
    	
 
    	
0.30
    	
 
    	
0.30
    	
 
    
	
By-product credits
    	
 
    	
(0.40
    	
)
    	
(0.40
    	
)
    
	
C1
    	
 
    	
0.72
    	
 
    	
0.82
    	
 
    

 

*Based on US$2.75/lbconsensuslong-term copper price.

 

4

 

C3 total costs are C1 cash costs, plus a net smelter royalty (NSR) of 5 percent on copper and molybdenum and 4 percent on precious metals, plus interest expense on assumed debt, project capital and sustaining capital and are meant to represent all costs required to produce a pound of recovered copper net of by-product credits.

 

C3 Total Cost (US$/lb) Y2-16 and Life of Mine Average*

 

	
Cost Item
    	
 
    	
Years 2 – 16
    	
 
    	
LOM Average
    	
 
    
	
C1
    	
 
    	
0.72
    	
 
    	
0.82
    	
 
    
	
Depreciation and   closure
    	
 
    	
0.50
    	
 
    	
0.48
    	
 
    
	
Royalty and front end   taxes
    	
 
    	
0.14
    	
 
    	
0.14
    	
 
    
	
Interest cost (debt)
    	
 
    	
0.04
    	
 
    	
0.03
    	
 
    
	
C3
    	
 
    	
1.41
    	
 
    	
1.47
    	
 
    

 

*Based on US$2.75/lbconsensuslong-term copper price.

 

Cobre Panama’s life of mine C3 costs of US$1.47/lbwould rank in the 29th percentile on Brook Hunt’s projected C3 cost curve, and beattractive based on the consensus long-term copper price of US$2.75/lb.  With C1 cash costs over the life of mine atUS$0.82/lband total C3 costs of US$1.47/lb, Cobre Panama would rankas one of the lowest cost future copper producers in the world.

 

Third Party Reviews

 

Inmet recognizes the industry trend of escalating costs as a significant risk and has commissioned numerous third party reviews to ensure the quality and reliability of the estimates, and to mitigate this risk. Independent reviews encompassed:

 

·                  Capital cost estimates

·                  Operating cost estimates for both process and mining

·                  Project schedule

·                  Compliance with the International Finance Corporation Performance Standards on Social and Environmental Sustainability

·                  Tailings management facility

·                  Project controls

·                  Project execution readiness

 

The results of these studies confirmed the conservative cost assessment as well as the overall execution readiness of the project.  These are summarized in the Basic Engineering Summary Report at www.inmetmining.com.

 

5

 

Early Commitment and Securing Long-lead Items

 

To reduce exposure to capital cost escalation, we expect to have committedin excess of 50 percent of the estimated capital by the end of 2012.

 

The power plant has already been contracted under a lump sum, turn-key contract to SK Engineering& Construction Co. Ltd., a Korean engineering and construction firm,thathas already secured suppliers for long-lead items such as Boilers, Steam Turbine Generators, and Flue Gas Desulphurization systems.

 

The detailed engineering and construction for the process plant would be contracted in the third quarter this year under an Engineering, Procurement and Construction arrangement and the bidding process is currently underway. The SAG mills, ball mills and wrap-around drives have been ordered, and are currently being fabricated with delivery expected next year.

 

The balance of project infrastructure is under contract with Joint Venture Panama (JVP), a joint venture led by SNCLavalin Group Inc. (70 percent), with partnersTechintInternational Construction Corp. (15 percent) and GyM.S.A., a member of Grañay Montero Group (15 percent) under an Engineering, Procurement and Construction Management agreement that was executed in November 2010. JVP’s procurement activities are well underway and would result in the early award of all major earthworks, site capture, camps and site services packages during the second quarter this year.

 

Procurement of the initial mine fleet is well underway and we expect to make a commitment by the third quarter this year.

 

Strategic Decision on Ownership and Financing Plan

 

Recent Project Milestones

 

Over the past years, Inmet has constantly evaluated the appropriate ownership level in Cobre Panama,balancing the growth opportunity presented by future copper production against the capital and execution risk. As our evaluation advanced, the parallel progress in Cobre Panama has substantially lowered the risk and Inmet’s capability to fund has increased significantly. The following milestones have facilitated our assessment, and haveincreased the project’s value while reducing financing and execution risk:

 

·                  The completion of Basic Engineering in April 2012 resulting in favourable economics for the project

·                  The development of a sound financing plan

·                  The approval of the Environmental and Social Impact Assessment (ESIA)on December 28, 2011

·                  The closing of the KPMC option exercise on April 24, 2012

·                  The discovery of Balboa in connection with a substantial increase in mineral reserves and resources and the prospect of future discoveries

·                  The establishment of a large and experienced owner’s team

·                  The establishment of a highly experienced and competent project execution team by Joint Venture Panama (JVP), Inmet’s Engineering, Procurement and Construction Management (EPCM) contractor on the project

·                  The award of the power plant under a lump sum, turn-key contractto a reputable contractor

·                  The completion of all necessary negotiations and resettlement planning with those who will be economically or physically displaced by the developmentof the project

 

6

 

On that basis, we believe our best course of action to enhance value is to initiate development with an 80 percent ownership interest inMPSA. As construction advances, we will continue to evaluate opportunities to optimize our holding, balancing the potential benefits of reduced ownership against exposure to this world class copper asset.

 

Financing Plan

 

As announced today by separate press release, Inmet intends to offer an issuance of US$1 billion principal amount ofsenior, unsecured notes.

 

We have also commenced a process to consider a precious metals stream transaction. We are currently engaged indiscussions with interested parties to sell a portion of future gold and silver production attributable to our 80 percent interest in Cobre Panama. If we are successful in completing such precious metals stream transaction on acceptable terms, the stream transaction would provide an additional approximately US$1 billion forour share of the capital cost of the project.

 

The total project funding plan along with the approximate proportion of funding in place is outlined in the table below:

 

	
 
    	
 
    	
(US$ 
   billions)
    	
 
    	
% financed
    	
 
    
	
Capital estimate
    	
 
    	
$
    	
6.2
    	
 
    	
 
    	
 
    
	
Funding sources:
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
KPMC
    	
 
    	
$
    	
1.4
    	
 
    	
23
    	
%
    
	
Inmet cash on hand
    	
 
    	
1.7
    	
 
    	
50
    	
%
    
	
Inmet senior unsecured notes
    	
 
    	
1.0
    	
 
    	
66
    	
%
    
	
Inmet precious metals stream
    	
 
    	
1.0
    	
 
    	
82
    	
%
    
	
Inmet cash flow from operating mines 2012 to 2015   net of financing costs
    	
 
    	
1.5
    	
 
    	
106
    	
%
    
	
Other
    	
 
    	
1.0
    	
 
    	
123
    	
%
    
	
Total Funding Sources
    	
 
    	
$
    	
7.6
    	
 
    	
123
    	
%
    

 

Funding classified as “other” represents steps to create additional financial flexibility and to further mitigate financial risk, including:

 

·                  Sale of additional equity in the project

·                  Project level debt financing, including off-take financing and equipment lease financing

·                  Corporate level debt financing, including a corporate revolving credit facility

 

7

 

Change of Functional Currency to US Dollar

 

The development of Cobre Panama would significantly increase Inmet’s exposure to the US dollar considering:

 

·                  Inmet’s share of the development costs for the project, the vast majority of which are denominated in US dollars; and

·                  our expected issuance of US dollar denominated high yield bonds.

 

On completion of the proposed offering of senior, unsecured notes and authorization for a Full Notice to Proceed, the functional currency of Inmet wouldbecome the US dollar effective May 31, 2012, and Inmet would report its financial results in US dollars beginning in the second quarter of 2012.

 

Project Execution

 

Project team

 

Our qualified and experiencedowner’s team now comprises 50 members, and would grow to 107 by 2013.  This team comprises senior, seasoned individuals with extensive experience in mining and large project development.  Profiles for key personnelare included in the Basic Engineering Summary Report.  In addition to the owner’s team, JVPhas mobilized an equally qualified team of 154 members that would peak at 361 in 2013.

 

Current Activities

 

Approved early works are currently underway, including the upgrade of the 40-kilometre Llano Grande road from the Pan-American Highway to the project site.  This upgrade incorporates enhanced drainage features, reduced longitudinal slopes and new bridge structures.  Three other roads are under construction, and will provide ready access to the site while bypassing local communities to minimize the impact of increased traffic flow.  We have received permits and started construction ofcamps to house up to 2,000 workers by the fourth quarter this year.  At the port site at Punta Rincon, we have received the required permit for the installation of a temporary landing barge which will facilitate access for equipment, materials and personnel coming from the port of Colón.

 

Development Plan

 

Cobre Panama wouldbe developed as a conventional truck and shovel open pit mine with a concentrator that employs proven technology (crushing, grinding, and flotation) to produce copper-gold and molybdenum concentrate.  A 300 megawatt coal-fired power plant and ship loading port facilities wouldalso be part of the project.

 

A series of analyses were conducted to determine economic pit limits and the mining phase development sequence for three mineral deposits in the concession area:  Botija, Colina, and Valle Grande. The concentrator site would becentrally located within two kilometres of all three deposits as well as the stockpile. A fourth smaller deposit, Medio, is roughly 500 metres northeast of the Colina pit.  The new block model incorporates a small Medio pit which was targeted by recent drilling and is part of the mine production schedule in Years 11 to 14.  Neither the Balboa nor Brazodeposits are  incorporated into the mine plan, and represent expansion upside and potential justification for an early expansion of the third line.

 

8

 

A third grinding circuit couldbe added to the concentrator that would commence operation in Year 10, increasing the base ore processing rate from 160,000 tonnes per day to 240,000 tonnes per day. Mine operations wouldbe scheduled for two 12-hour shifts per day, 365 days per year.  Four rotating crews would provide continuous operator and maintenance coverage in the mine. The concentrator would operate an estimated 31 years, including the processing of about 193 million tonnes of stockpiled ore during Years 28 to 31.

 

Project Timelineand Milestones

 

Project timelines cited below are subject to permitting and approvals, and will be confirmed in our ongoing reporting.  The following are the expected main milestones ahead as we migrate through the project schedule.

 

	
1
    	
 
    	
Completion   of Basic Engineering
    	
 
    	
April2012
    
	
2
    	
 
    	
Closing   of notes offering/ Full Notice to Proceed
    	
 
    	
May 2012
    
	
3
    	
 
    	
Site   capture complete
    	
 
    	
Q2 2013
    
	
4
    	
 
    	
Power   plant complete
    	
 
    	
Q4 2015
    
	
5
    	
 
    	
Tailings   starter dam complete
    	
 
    	
Q3 2015
    
	
6
    	
 
    	
First   ore processed
    	
 
    	
Q4 2015
    
	
7
    	
 
    	
Mine   development (pre-strip) complete
    	
 
    	
Q1 2016
    
	
8
    	
 
    	
First   concentrate shipment
    	
 
    	
Q1 2016
    

 

9

 

Webcast Conference Call

 

On May 7, 2012 at 8:00am Eastern Time, Inmet will hold a live webcast conference call as a follow-up to this press release that will include a comprehensive engineering presentation followed by a question and answer session.  The call will be hosted by Jochen Tilk, President and Chief Executive Officer.

 

You are cordially invited to listen to the audio webcast through either:
 http://events.digitalmedia.telus.com/inmet/050712/index.php
 or
 www.inmetmining.com

 

After the broadcast, an archive of the webcast will be available on both websites.

 

Interested persons who are unable to connect to the webcast can listen to the conference call by dialing +416-340-8530 (local/international) or toll-free +1 877-240-9772(North America only).

 

Starting at approximately 10:30 am ET Monday, May 7, 2012, a conference call replay will be available.

 

·                  Local or international: +1905-694-9451 passcode 5837135

·                  Toll-free within North America: +1800-408-3053 passcode 5837135

 

Forward-Looking Information

 

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company’s future prospects. This press release contains forward-looking information. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.

 

About Inmet

 

Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama.

 

This press release is also available at www.inmetmining.com.

 

For further information, contact:

 

	
Jochen   Tilk
    	
Flora   Wood
    
	
President   and Chief Executive Officer
    	
Director, Investor   Relations
    
	
(416) 860-3972
    	
(416) 361-4808
    

 

10

 

APPENDIX A

 

Mineral reserve and resource table

 

The mineral reserves and resources shown below are as of December 31, 2011 for the three operating mines, and as of March 5, 2012 for Cobre Panama.

 

Operating properties

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Contained Metal (x 1000)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Tonnes
    	
 
    	
Cu
    	
 
    	
Zn
    	
 
    	
Pb
    	
 
    	
Au
    	
 
    	
Ag
    	
 
    	
S
    	
 
    	
Mo
    	
 
    	
Cu
    	
 
    	
Zn
    	
 
    	
Pb
    	
 
    	
Au
    	
 
    	
Ag
    	
 
    	
Mo
    	
 
    	
Inmet’s
    	
 
    
	
 
    	
 
    	
Category
    	
 
    	
(x 1000)
    	
 
    	
%
    	
 
    	
%
    	
 
    	
%
    	
 
    	
g/t
    	
 
    	
g/t
    	
 
    	
%
    	
 
    	
%
    	
 
    	
tonnes
    	
 
    	
tonnes
    	
 
    	
tonnes
    	
 
    	
ounces
    	
 
    	
ounces
    	
 
    	
tonnes
    	
 
    	
Interest
    	
 
    
	
Mineral reserves
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Las Cruces
    	
 
    	
Proven
    	
 
    	
9,777
    	
 
    	
5.8
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
564
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Probable
    	
 
    	
4,881
    	
 
    	
4.9
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
238
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Total
    	
 
    	
14,658
    	
 
    	
5.5
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
802
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
Çayeli
    	
 
    	
Proven
    	
 
    	
5,007
    	
 
    	
3.0
    	
 
    	
3.4
    	
 
    	
—
    	
 
    	
0.3
    	
 
    	
28
    	
 
    	
—
    	
 
    	
—
    	
 
    	
152
    	
 
    	
170
    	
 
    	
—
    	
 
    	
55
    	
 
    	
4,507
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Probable
    	
 
    	
2,946
    	
 
    	
3.3
    	
 
    	
4.3
    	
 
    	
—
    	
 
    	
0.4
    	
 
    	
40
    	
 
    	
—
    	
 
    	
—
    	
 
    	
98
    	
 
    	
126
    	
 
    	
—
    	
 
    	
42
    	
 
    	
3,789
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Total
    	
 
    	
7,953
    	
 
    	
3.1
    	
 
    	
3.7
    	
 
    	
—
    	
 
    	
0.4
    	
 
    	
32
    	
 
    	
—
    	
 
    	
—
    	
 
    	
250
    	
 
    	
296
    	
 
    	
—
    	
 
    	
96
    	
 
    	
8,296
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
Pyhäsalmi
    	
 
    	
Proven
    	
 
    	
9,137
    	
 
    	
1.1
    	
 
    	
2.0
    	
 
    	
—
    	
 
    	
0.4
    	
 
    	
14
    	
 
    	
41
    	
 
    	
—
    	
 
    	
99
    	
 
    	
183
    	
 
    	
—
    	
 
    	
118
    	
 
    	
4,113
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Probable
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Total
    	
 
    	
9,137
    	
 
    	
1.1
    	
 
    	
2.0
    	
 
    	
—
    	
 
    	
0.4
    	
 
    	
14
    	
 
    	
41
    	
 
    	
—
    	
 
    	
99
    	
 
    	
183
    	
 
    	
—
    	
 
    	
118
    	
 
    	
4,113
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Inmet’s share
    	
 
    	
1,151
    	
 
    	
478
    	
 
    	
 
    	
 
    	
214
    	
 
    	
12,409
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Mineral   resources (exclusive of mineral reserves)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Las Cruces
    	
 
    	
Measured
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Indicated
    	
 
    	
194
    	
 
    	
4.2
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
8
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Indicated
   (Gossan)
    	
 
    	
958
    	
 
    	
—
    	
 
    	
—
    	
 
    	
5.8
    	
 
    	
3.9
    	
 
    	
109
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
56
    	
 
    	
119
    	
 
    	
3,357
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Inferred
   (Gossan)
    	
 
    	
1,767
    	
 
    	
—
    	
 
    	
—
    	
 
    	
1.6
    	
 
    	
2.5
    	
 
    	
48
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
29
    	
 
    	
140
    	
 
    	
2,744
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
Çayeli
    	
 
    	
Measured
    	
 
    	
3,016
    	
 
    	
3.0
    	
 
    	
1.7
    	
 
    	
—
    	
 
    	
0.3
    	
 
    	
11
    	
 
    	
—
    	
 
    	
—
    	
 
    	
89
    	
 
    	
50
    	
 
    	
—
    	
 
    	
33
    	
 
    	
1,067
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Indicated
    	
 
    	
2,089
    	
 
    	
3.1
    	
 
    	
3.3
    	
 
    	
—
    	
 
    	
0.6
    	
 
    	
27
    	
 
    	
—
    	
 
    	
—
    	
 
    	
65
    	
 
    	
70
    	
 
    	
—
    	
 
    	
43
    	
 
    	
1,813
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
Inferred
    	
 
    	
479
    	
 
    	
3.2
    	
 
    	
10.6
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
16
    	
 
    	
51
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
Pyhäsalmi
    	
 
    	
Measured
    	
 
    	
7,168
    	
 
    	
0.6
    	
 
    	
0.5
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
44
    	
 
    	
—
    	
 
    	
45
    	
 
    	
37
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
100
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Inmet’s share
    (not including inferred   resources)
    	
 
    	
207
    	
 
    	
157
    	
 
    	
56
    	
 
    	
195
    	
 
    	
6,237
    	
 
    	
—
    	
 
    	
 
    	
 
    

 

Development property

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Contained Metal (x 1000)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Tonnes
    	
 
    	
Cu
    	
 
    	
Zn
    	
 
    	
Pb
    	
 
    	
Au
    	
 
    	
Ag
    	
 
    	
S
    	
 
    	
Mo
    	
 
    	
Cu
    	
 
    	
Zn
    	
 
    	
Pb
    	
 
    	
Au
    	
 
    	
Ag
    	
 
    	
Mo
    	
 
    	
Inmet’s
    	
 
    
	
 
    	
 
    	
Category
    	
 
    	
(x 1000)
    	
 
    	
%
    	
 
    	
%
    	
 
    	
%
    	
 
    	
g/t
    	
 
    	
g/t
    	
 
    	
%
    	
 
    	
%
    	
 
    	
tonnes
    	
 
    	
tonnes
    	
 
    	
tonnes
    	
 
    	
ounces
    	
 
    	
ounces
    	
 
    	
tonnes
    	
 
    	
Interest
    	
 
    
	
Mineral reserves
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cobre Panama
    	
 
    	
Proven
    	
 
    	
258,000
    	
 
    	
0.57
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.14
    	
 
    	
1.6
    	
 
    	
—
    	
 
    	
0.010
    	
 
    	
1478
    	
 
    	
—
    	
 
    	
—
    	
 
    	
1126
    	
 
    	
13,020
    	
 
    	
25
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
Probable
    	
 
    	
2,061,000
    	
 
    	
0.38
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.06
    	
 
    	
1.4
    	
 
    	
—
    	
 
    	
0.007
    	
 
    	
7781
    	
 
    	
—
    	
 
    	
—
    	
 
    	
4041
    	
 
    	
91,008
    	
 
    	
145
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
Total
    	
 
    	
2,319,000
    	
 
    	
0.40
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.07
    	
 
    	
1.4
    	
 
    	
—
    	
 
    	
0.007
    	
 
    	
9258
    	
 
    	
—
    	
 
    	
—
    	
 
    	
5167
    	
 
    	
104,028
    	
 
    	
169
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Inmet’s share
    	
 
    	
7,406
    	
 
    	
—
    	
 
    	
—
    	
 
    	
4,134
    	
 
    	
83,223
    	
 
    	
135
    	
 
    	
 
    	
 
    
	
Mineral   resources (inclusive of mineral reserves)
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cobre Panama
    	
 
    	
Measured
    	
 
    	
262,000
    	
 
    	
0.56
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.13
    	
 
    	
1.5
    	
 
    	
—
    	
 
    	
0.009
    	
 
    	
1,476
    	
 
    	
—
    	
 
    	
—
    	
 
    	
1,118
    	
 
    	
12,979
    	
 
    	
24
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
Indicated
    	
 
    	
3,905,000
    	
 
    	
0.34
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.06
    	
 
    	
1.2
    	
 
    	
—
    	
 
    	
0.005
    	
 
    	
13,237
    	
 
    	
—
    	
 
    	
—
    	
 
    	
7,845
    	
 
    	
155,392
    	
 
    	
214
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
Total
    	
 
    	
4,167,000
    	
 
    	
0.35
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.07
    	
 
    	
1.3
    	
 
    	
—
    	
 
    	
0.006
    	
 
    	
14,715
    	
 
    	
—
    	
 
    	
—
    	
 
    	
8,963
    	
 
    	
168,454
    	
 
    	
238
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Inmet’s share
    	
 
    	
11,772
    	
 
    	
—
    	
 
    	
—
    	
 
    	
7,170
    	
 
    	
134,763
    	
 
    	
190
    	
 
    	
 
    	
 
    
	
Cobre Panama
    	
 
    	
Inferred
    	
 
    	
3,749,000
    	
 
    	
0.23
    	
 
    	
—
    	
 
    	
—
    	
 
    	
0.04
    	
 
    	
1.0
    	
 
    	
—
    	
 
    	
0.004
    	
 
    	
8,660
    	
 
    	
—
    	
 
    	
—
    	
 
    	
4,805
    	
 
    	
120,534
    	
 
    	
156
    	
 
    	
80
    	
%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Inmet’s share
    	
 
    	
6,928
    	
 
    	
—
    	
 
    	
—
    	
 
    	
3,844
    	
 
    	
96,427
    	
 
    	
125
    	
 
    	
 
    	
 
    

 

For additional information regarding Inmet’s reserves and resources please refer to Inmet’s 2011 Annual Information Form dated March 28, 2012.

 

11

 

Notes to mineral reserves and resources table

 

Mineral reserves and resources are shown on a 100 percent basis for each property, including Cobre Panama which we own 80 percent of. Except for Cobre Panama, mineral resources are exclusive of mineral reserves.

 

The mineral reserve and resource estimates are prepared in accordance with the CIM Definition Standards On Mineral Resources and Mineral Reserves, adopted by CIM Council on November 14, 2004, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to each project. You will find the definitions and guidelines at www.cim.org.

 

Estimates for all operations are prepared by or under the supervision of a qualified person as defined in National Instrument 43-101 (usually an engineer or geologist).

 

There are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially affect the estimates of the mineral reserves.

 

Mineral resources which do not form part of the mineral reserves do not have demonstrated economic viability.

 

The Qualified Persons identified below have reviewed the technical content of this release.

 

Las Cruces

 

Reserve and resource estimates as at December 31, 2011 prepared by independent consultant 
 Alan C. Noble, P.E., Ore Reserves Engineering.

 

Reserve estimates are based on the following assumptions:

 

·                  copper price: US $2.25 per pound

 

·                  exchange rate: €1.00 = US $1.30

 

·                  open pit cut-off: 1 percent copper (95 percent of copper in reserve)

 

·                  underground cut-off: 3 percent copper (5 percent of copper in reserve).

 

Resource estimates for the gossan material are based on a cut-off grade of 1 gram per tonne gold.

 

Çayeli

 

Mineral resources as at December 31, 2011, were estimated by Robert Sim, P. Geo., of SIM Geological Inc.  Reserve estimates as at December 31, 2011 were prepared under the supervision of Joseph Boaro, P. Eng. (Director, Mining, Inmet Mining).

 

Reserve estimates are based on the following assumptions:

 

·                  copper price: US $2.25 per pound

 

·                  zinc price: US $0.85 per pound

 

·                  net smelter return cut-off: US $65 per tonne.

 

Resource estimates include only material in addition to those used to generate reserves and are based on the same metal prices and a lower net smelter return cut-off: US $59 per tonne.

 

12

 

Pyhäsalmi

 

Reserve and resource estimates as at December 31, 2011 prepared under the supervision of Timo Maki, EurGeol., European Federation of Geologists (Chief Geologist, Pyhäsalmi).

 

Reserve estimates are based on the following assumptions:

 

·                  copper price: US $2.25 per pound

 

·                  zinc price: US $0.85 per pound

 

·                  exchange rate: €1.00 = US $1.30

 

·                  net smelter return cut-off: €31.73 per tonne.

 

Resource estimates are based on the geological limits of the massive sulphides.

 

Cobre Panama

 

Mineral resources as at March 5, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc. Mineral reserves as at December 31, 2011 were estimated by William Rose, P.E., of WLR Consulting, Inc., a qualified person under National Instrument 43-101.

 

Reserve estimates are based on the following assumptions:

 

·                  copper price: US $2.25 per pound

 

·                  gold price: US $1,000 per ounce

 

·                  silver price: US $16 per ounce

 

·                  molybdenum price: US $13.50 per pound

 

·                  Mining costs: US $1.66 per tonne of ore mined, US $1.96 per tonne of waste mined and

 

·                  Milling and general and administration cost: US $5.27 per tonne of ore milled, average life of mine metallurgical recoveries: 89 percent for copper, 52 percent for gold, 46 percent for silver and 53 percent for molybdenum.

 

Mineral resources include mineral reserves.

 

Resource grades are estimated using ordinary kriging with a nominal block size of 25 metres by 25 metres by 15 metres. Resources are limited inside a pit shell defined by a copper price of US $2.60 per pound, $1.75 per tonne mining cost and $7.02 per tonne total site operating cost, and are tabulated at a cut-off grade of 0.15 percent copper.

 

13Exhibit 4.9

 

FORM 51-102F3

 

Material Change Report

 

Item 1             Name and Address of Company

 

Inmet Mining Corporation
 330 Bay Street 
 Suite 1000
 Toronto, Ontario
 M5H2S8

 

Item 2             Date of Material Change

 

May 15, 2012

 

Item 3             News Release

 

A news release announcing the material change referred to in this report was issued by Inmet Mining Corporation (“Inmet”) on May 15, 2012through the facilities of Marketwire and filed on the System for Electronic Document Analysis and Retrieval (SEDAR). A copy of the news release is attached as Schedule “A”.

 

Item 4             Summary of Material Change

 

Inmet announced on May 15, 2012 that it increased the size of its previously announced offering of senior unsecured notes to US$1.5 billion aggregate principal amount of 8.75 percent senior unsecured notes maturing 2020 (the “Notes”).  The Notes were priced at 98.584 percent of the aggregate principal amount, providing Inmet with gross proceeds of US$1,478,760,000 and yield 9 percent to maturity. Inmet intends to use the net proceeds to fund the development of Cobre Panama.

 

Inmet subsequently announced on May 18, 2012 the closing of the offering of Notes. With this closing, the Inmet Board has granted its approval to issue Full Notice to Proceed and start construction of Cobre Panama. A copy of the May 18, 2012 news release is attached as Schedule “B”.

 

Item 5             Full Description of Material Change

 

For a full description of the material change, please see Schedules “A” and “B”.

 

Item 6             Reliance on subsection 7.1(2) of National Instrument 51-102

 

Not applicable.

 

Item 7             Omitted Information

 

Not applicable.

 

Item 8             Executive Officer

 

For further information please contact Steve Astritis, Vice President, Legal and Corporate Affairs of Inmet Mining Corporation at the above-mentioned address or by telephone at (416) 361-6400.

 

Item 9             Date of Report

 

May 25, 2012

 

 

Schedule “A”

 

 

 

	
 
    	
Inmet Mining Corporation
    
	
 
    	
Suite 1000
    
	
 
    	
330 Bay Street
    
	
PRESS RELEASE
    	
Toronto, Canada M5H 2S8
    
	
 
    	
Tel: (1) 416-361-6400
    
	
FOR IMMEDIATE RELEASE
    	
Fax: (1) 416-368-4692
    
	
May 15, 2012
    	
www.inmetmining.com
    

 

INMET MINING ANNOUNCES PRICING FOR US $1.5 BILLION SENIOR NOTES OFFERING

 

TORONTO, Canada – Inmet Mining Corporation (TSX: IMN)  (Inmet) today announced that it has increased the size of its previously announced offering of US $1 billion aggregate principal amount of senior unsecured notes maturing 2020 (the “Notes”) to US $1.5 billion with a coupon of 8.75 percent per annum.  The Notes were priced at 98.584 percent of the aggregate principal amount, providing the company with gross proceeds of US $1,478,760,000 and will yield 9 percent to maturity.  The offering is expected to close on or about May 18, 2012.  Inmet intends to use the proceeds to fund the development of Cobre Panama.

 

The offer and sale of the Notes will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.  The sale of the Notes in Canada will be conducted on a private placement basis pursuant to certain exemptions from applicable Canadian securities laws.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Forward looking information

 

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company’s future prospects.  This press release contains forward-looking information.  These are “forward-looking” because we have used what we know and expect today to make a statement about the future.  Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words.  However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release.  You should not place undue reliance on forward-looking statements.

 

About Inmet

 

Inmet is a Canadian-based global mining company that produces copper and zinc.  We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland).  We also have an 80 percent interest in Cobre Panama, a development property in Panama.

 

For Additional Information, Please Contact:

 

Flora Wood, Director, Investor Relations

+1 416 361 4808

 

 

Schedule “B”

 

4

 

 

	
 
    	
Inmet Mining Corporation
    
	
 
    	
Suite 1000
    
	
 
    	
330 Bay Street
    
	
PRESS RELEASE
    	
Toronto, Canada M5H 2S8
    
	
 
    	
Tel: (1) 416-361-6400
    
	
FOR IMMEDIATE RELEASE
    	
Fax: (1) 416-368-4692
    
	
May 18, 2012
    	
www.inmetmining.com
    

 

INMET MINING ANNOUNCES CLOSING OF US $1.5 BILLION SENIOR NOTES OFFERING AND
 AUTHORIZATION OF FULL NOTICE TO PROCEED WITH COBRE PANAMA CONSTRUCTION

 

TORONTO, Canada – Inmet Mining Corporation (TSX: IMN) (Inmet) today announced the closing of its previously announced offering of US $1.5 billion aggregate principal amount of 8.75 percent senior unsecured notes maturing 2020 (the “Notes”). Inmet intends to use the net proceeds to fund the development of Cobre Panama. With this closing, the Inmet Board has granted its approval to issue Full Notice to Proceed and start construction of Cobre Panama.

 

The offer and sale of the Notes is not registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The sale of the Notes in Canada is conducted on a private placement basis pursuant to certain exemptions from applicable Canadian securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Forward looking information

 

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company’s future prospects. This press release contains forward-looking information. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.

 

About Inmet

 

Inmet is a Canadian-based global mining company that produces copper and zinc. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have an 80 percent interest in Cobre Panama, a development property in Panama.

 

For Additional Information, Please Contact:

 

Flora Wood, Director, Investor Relations
 +1 416 361 4808

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