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Inmet raises $1.5 billion in debt for Cobre Panamá

Monday, May 21, 2012

Canadian base metals miner Inmet Mining closed a $1.5 billion debt offer with the proceeds of the deal to be used to fund the construction of its Cobre Panamá copper-gold project in Central America.

Toronto-based Inmet said funds raised through the issue of senior unsecured notes, will allow it to proceed with construction of the Panamanian project, in which it owns an 80 percent stake.

The project is expected to cost about $6.2 billion. The remaining funding will come from cash on hand, cash generated by Inmet's other operations, its partners and a precious metals stream financing deal.

Source: Reuters