Inmet sees lower zinc output in 2013

TORONTO Tue Jan 15, 2013 11:49am EST

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TORONTO Jan 15 (Reuters) - Inmet Mining Corp said on Tuesday that it met its 2012 production guidance and sees copper output in the same range through 2013, though the base metal miner expects zinc output to fall by about 10 percent.

Inmet produced 111,700 tonnes of copper in 2012 and 66,300 tonnes of zinc. In 2013, copper output is expected to be in the range of 108,300-116,300 tonnes, while zinc production is set to fall to 56,200-62,400 tonnes on lower grades.

The Toronto-based company, which owns mines in Spain, Turkey and Finland, expects cash costs per pound of copper to be in the range of 91 cents to 97 cents.

Inmet is in the process of building the massive Cobre Panama copper mine in Central America and is currently the target of a hostile takeover effort by its larger rival, First Quantum Minerals Ltd.

Inmet shares rose 0.7 percent to C$70.24 on Tuesday morning on the Toronto Stock Exchange.

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