Inmet shares soar on strong results

Fri Nov 2, 2012 3:51pm EDT
 
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* Q3 profit beats estimates on strong copper sales

* Cobre Panama financing nearly complete

* Company still eyeing another partner for Cobre mine

* Shares rise 6.84 percent to C$56.21 on TSX

Nov 2 (Reuters) - Shares of Inmet Mining Corp rose more than 6 percent on Friday, the day after the Canadian base metal miner reported a 19 percent boost in quarterly profit, well above analyst expectations.

The company also nudged up its copper forecast for the year and said development is on budget at its $6.2 billion Cobre Panama project in Central America, where construction started in May.

Inmet holds an 80 percent stake in the massive Panamanian copper project, with the remaining interest held by a Korean consortium.

While the Canadian miner has secured financing for nearly all its share development costs, Chief Executive Jochen Tilk confirmed that Inmet is still looking at bringing in another partner - if the price is right.

"We believe we've created a lot of value in this project. We've derisked it substantially, we've moved it forward to the point we're fully-funded on the capital costs," he told analysts on a conference call on Friday. "So if someone is prepared to participate in this project - which has great upside - at fair value, then we'd consider it."   Continued...