Inmet Mining to continue buyback to reward shareholders

Article Abstract:

Inmet Mining Corp. intends to repurchase 8.3% of its stock as a way of giving cash back to its investors. Based on yesterday's stock price, it will cost Inmet $7.6-million to buy 3,182,000 common shares, which would be a significant portion of the firm's cash flow. Inmet will shift the cash flow from its gold mining operations to investments in copper and zinc. Inmet, which produces 250,000 ounces of gold annually, owns the Troilus gold mine in Northern Quebec. The mine's average cash cost of production in 1999 was $231 (US) per ounce. Inmet estimates the average cash cost of the mine over its seven-year life at $210 per ounce. Inmet also owns 49% of the Cayeli copper and zinc mine in northeastern Turkey and an 18% stake in the Ok Tedi copper and gold mine in Papua New Guinea, representing a $79-million (Canadian) investment. Inmet also owns a 3% net proceeds stake in the Antamina copper mine in Peru.

Securities issued, listed, IMN

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Inmet buyback threatens Zemex takeover

Article Abstract:

Inmet Mining Corp.'s proposed $367-million share repurchase could frustrate Zemex Corp.'s planned $517-million takeover, according to the latter's president Richard Lister. The Toronto, Canada-headquartered Inmet, which reported to buy back up to 65 million of its common stocks at $5.65 per share, also intends to issue one common share warrant exercisable at $5.70 each share for every 10 shares tendered. Inmet shareholders prefer the receive the cash rather than leave it at the firm's treasury for reinvestment, according to Inmet president Bill James.

Comment:

Proposed $517-million takeover of Inmet Mining Corp is threatened by the planned $367-million share repurchase of the latter co

United States, Stockholder data, All Other Nonmetallic Mineral Mining, Minerals & Rocks NEC, Nonmetal mining, Nonmetallic mineral deposits, Zemex Corp., Article

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Inmet selling Nunavut mining properties

Article Abstract:

The details on Wolfden Resources Inc.'s acquisition of mining assets of Inmet Mining Corp. are presented.

All Other Metal Ore Mining, METAL MINING, Ferroalloy Ores, Chemical & Fertilizer Minerals, Other Nonmetallic Mineral Mining and Quarrying, Mergers, acquisitions and divestments, Company acquisition/merger, Mineral industry, Wolfden Resources

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