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Inmet Mining buys out copper mine in Spain

Reuters
2:41 PM, E.T. | November 30, 2010
Energy & Resources

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Canadian base metals miner Inmet Mining Corp. (IMN-T) agreed to acquire Leucadia National Corp.'s (LUK-N) 30 percent indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine for $552 million US, 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.

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