Metals and Mining
Company Overview of Inmet Mining Corporation
Inmet Mining Corporation engages in the exploration, development, and mining of base metal properties. The company primarily explores for copper and zinc; and produces copper cathodes and concentrates, zinc concentrates, and a pyrite concentrate, as well as produces gold, silver, and pyrite as by-products. It owns a 100% interest in the Çayeli underground mine on the Black Sea coast of northeastern Turkey; Las Cruces, an open pit mine located in the Sevilla Province of southern Spain; and Pyhäsalmi, an underground copper and zinc mine in central Finland. The company also has 80% interest in the Cobre Panama, an open pit copper development project in Panama. Inmet Mining Corporation was found...
330 Bay Street
Toronto, ON M5H 2S8
Founded in 1987
Key Executives for Inmet Mining Corporation
Chair of the Board and Chief Executive Officer
Chief Financial Officer and Vice President
Chief Executive Officer of Minera Panamã¡ S.A and President of Minera Panamã¡ S.A
Compensation as of Fiscal Year 2014.
Inmet Mining Corporation Key Developments
Inmet Presents at World Congress on Industrial Biotechnology, May-12-2014
May 9 14
Inmet Presents at World Congress on Industrial Biotechnology, May-12-2014 . Venue: Philadelphia, Pennsylvania, United States.
Inmet Mining Corporation Announces Early Results of Exchange Offer
Feb 10 14
First Quantum Minerals Ltd. announced early results for its previously announced offer to exchange (exchange offer) any and all 8.75% Senior Notes due 2020 (existing 2020 notes) and any and all 7.50% Senior Notes due 2021 (existing 2021 notes and together with the existing 2020 notes, the existing notes) issued by Inmet Mining Corporation (now FQM (Akubra) Inc.) (Akubra) for 6.75% Senior Notes due 2020 and 7.00% Senior Notes due 2021, to be issued by First Quantum (new notes), and the related consent solicitation with respect to the existing notes. Based on information provided to the company by Citibank, N.A., London Branch, the exchange agent, as of 11:59 p.m., New York City time, on February 7, 2014, holders of approximately $1,449,304,000, or 97.3% of the aggregate principal amount outstanding, of the existing 2020 notes and $498,813,000, or 99.8% of the aggregate principal amount outstanding, of the existing 2021 notes had validly tendered their existing notes in the exchange offer. Accordingly, Akubra has received consents in the solicitation sufficient to approve the proposed amendments to the indentures governing the existing notes. The company expects that, on or about February 12, 2014, it will issue an aggregate principal amount of $2,229,894,000 of new notes in the exchange offer and will execute supplemental indentures to give effect to the proposed amendments to the existing notes. The exchange offer and solicitation will expire at 11:59 p.m. New York City time on February 24, 2014, unless extended or terminated. Valid tenders of the existing notes must be made at any time before the exchange offer expires.
First Quantum Minerals Denies Default Claims on Inmet Mining Notes
Nov 28 13
First Quantum Minerals announced that it "strongly disputes" allegations of default on notes issued by Inmet Mining, which it acquired in April. First Quantum announced that wholly-owned subsidiary FQM (Akubra) Inc. had received a notice claiming to call a default from a "limited number of note holders" holding notes originally issued by Inmet, including CI Investments, Barometer Capital and funds managed by Capital Group. First Quantum has denied that any default has occurred. As a result of First Quantum's acquisition of Inmet, Akubra amalgamated with Inmet, and the amalgamated entity is now a wholly-owned subsidiary of First Quantum. The note holder group claims that Inmet breached the terms of the indentures of Inmet's 8.75% senior notes, due 2020, and its 7.5% senior notes, due 2021, when Inmet combined with Akubra, and the amalgamated entity then paid back the acquisition financing incurred by Akubra. First Quantum has said it has "considered carefully" the arguments of the note holder group and "strongly disputes" that a default took place. Furthermore, the company has said it believes, based on legal advice, that even if the transaction had caused a breach of the indentures, the only solution available to the note holder group under the indentures would be speeding up the debt and repayment at par. According to First Quantum, this would reflect a major discount to current trading prices.
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