UPDATE 1-Inmet Mining Buys Out Copper Mine in Spain-Shanghai Metals Market

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UPDATE 1-Inmet Mining Buys Out Copper Mine in Spain

Industry News 10:09:27AM Dec 01, 2010 Source:SMM

Nov 30 (Reuters) - Canadian base metals miner Inmet Mining Corp agreed to acquire Leucadia National Corp's 30 percent indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine for $552 million, taking its stake in the mine to 100 percent.

The purchase consideration will comprise $150 million cash and $330 million in common shares of Inmet, which currently owns 70 percent of the mine.

Leucadia will be released from its guarantee on $72 million debt owed by Las Cruces, located in Spain, to an affiliate of Inmet.

 

UPDATE 1-Inmet Mining Buys Out Copper Mine in Spain

Industry News 10:09:27AM Dec 01, 2010 Source:SMM

Nov 30 (Reuters) - Canadian base metals miner Inmet Mining Corp agreed to acquire Leucadia National Corp's 30 percent indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine for $552 million, taking its stake in the mine to 100 percent.

The purchase consideration will comprise $150 million cash and $330 million in common shares of Inmet, which currently owns 70 percent of the mine.

Leucadia will be released from its guarantee on $72 million debt owed by Las Cruces, located in Spain, to an affiliate of Inmet.