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Inmet aims to raise $1 billion bonds for Cobre Panamá

Tuesday, May 8, 2012

Inmet Mining the developer of the $6.2 billion Cobre Panamá copper mine, plans to sell $1 billion of bonds to help fund the operation instead of selling a stake in the project.

The senior unsecured notes will mature in 2020, the Toronto-based company said in a statement yesterday.

Inmet owns 80 percent of the mine and the balance is held by Korea Panama Mining Corp. Korea Panama has committed $1.4 billion to the project.

Source: Bloomberg