UPDATE 1-Inmet Mining sees higher copper production in 2011
* Sees to produce 94,400 tonnes of copper from 3 assets
* Las Cruces to double production to 50,200 tonnes
* Sees to produce 80,500 tonnes of zinc across 2 mines
* Sees to close net smelter royalty sale in OK Tedi in Q1
Jan 13 (Reuters) - Canada's Inmet Mining Corp IMN.TO expects to produce 33 percent more copper in 2011, while trimming its zinc production by 3 percent, across three of its assets.
Inmet and Lundin Mining (LUN.TO) agreed to join forces to create a C$9 billion ($9.1 billion) copper producer Wednesday. [ID:nN12239651]
Inmet expects to produce 94,400 tonnes of copper from its Cayeli, Las Cruces and Pyhasalmi assets, up from the 71,200 tonnes estimated for 2010.
Las Cruces in Southern Spain is expected to produce 50,200 tonnes of copper in 2011, nearly double of 2010 expectations.
The company also sees to produce 80,500 tonnes of zinc from Cayeli and Pyhasalmi mines in 2011, down from the 83,000 tonnes estimated for 2010 from the same mines.
Inmet said the production forecast excludes production from the Papua New Guinea-based OK Tedi mine, as it expects to close its 5-percent net smelter royalty sale to OK Tedi Mining Ltd in the first quarter.
Shares of Inmet closed at C$74.76 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)
- Sierra Leone declares emergency as Ebola death toll hits 729 |
- S&P500 index posts worst fall since April; indexes down for July
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Israel, Palestinian militant groups agree to three-day Gaza truce |
- Moscow fights back after sanctions; battle rages near Ukraine crash site |