Press release from Marketwire
Inmet Mining Announces 2011 Production and 2012 Objectives for Operating Mines
Monday, January 16, 2012
TORONTO, CANADA--(Marketwire - Jan. 16, 2012) - Inmet Mining Corporation (TSX:IMN) is pleased to announce its production by operating mine for 2011, and production and cash cost objectives for 2012.
The following table provides a summary of our copper and zinc production by operating mine in 2011:
The following table summarizes our copper and zinc production objectives for 2012, along with our cash cost objectives for 2012:
Cash cost per
pound of copper
(US $) (1)
|Çayeli||27,000 - 30,000||36,000-39,800||0.93 - 1.08|
|Las Cruces||61,700 - 68,600||-||1.08 - 1.26|
|Pyhäsalmi||11,300 - 12,600||22,800 - 25,200||(0.51) - (0.33||)|
|CONSOLIDATED||100,000 - 111,200||58,800 - 65,000||0.86 - 1.03|
|(1)||Estimated cash costs were calculated using the following metals price and foreign exchange rate assumptions for 2012:|
|Copper (per pound)||US $3.80|
|Zinc (per pound)||US $0.95|
|Euro to US$||1.30|
Production results and 2012 Outlook
In 2011, we produced 84,800 tonnes copper and 80,400 tonnes zinc. Las Cruces production in 2011 was more than double its 2010 production, increasing to 42,100 tonnes from 20,600 tonnes. In the three months ended December 31, 2011, Las Cruces produced 14,100 tonnes, and finished the year with monthly production above 5,000 tonnes. In the last two weeks of 2011, we sustained recoveries above 88% at throughput levels and cathode production approaching design capacity. For 2012, we have set our production objective as a range of 61,700 to 68,600 tonnes copper cathode, or approximately 90% of design capacity.
Zinc production from Çayeli and Pyhäsalmi in 2011 benefited from grades well above the average reserve grade of 4.3% at Çayeli and 2.1% at Pyhäsalmi. In 2012, lower zinc grades expected at both operations account for the anticipated decline in zinc production.
Release of fourth quarter and year end financials and conference call information
We will include more outlook discussion when we announce our fourth quarter and year end results on Thursday, February 9, 2012 after the close of trading. We will conduct a live audio webcast and conference call discussing the results on Friday, February 10, 2012 at 8:30 a.m. Eastern Time. The call will be hosted by Jochen Tilk, President and Chief Executive Officer.
You are cordially invited to listen to the conference call via audio webcast through either http://events.digitalmedia.telus.com/inmet/021012/index.php or www.inmetmining.com. After the broadcast, an archive of the audio webcast will be available on both websites.
Interested persons who are unable to connect to the audio webcast can listen to the fourth quarter results conference call by dialing +1 416 695-6616 (local/international) or toll free +1 800 952-6845 (North America only). No passcode is required for the live conference call.
A conference call replay will be available beginning February 10, 2012 at 10:30 a.m. and will run until Friday, February 24th at midnight. The dial-in numbers for the replay are as follows: +1 905 694-9451 (local/international) or toll-free +1 800 408-3053 (North America only) with each number to be followed by passcode 7433427.
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.
Inmet is a Canadian-based global mining company that produces copper, zinc and pyrite. We have three wholly-owned mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland). We also have a 100 percent interest in Cobre Panama, a development property in Panama.
This press release is also available at www.inmetmining.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Flora Wood Inmet Mining Corporation Director, Investor Relations +1 416 361 4808 www.inmetmining.com