February 10, 2012 / 2:32 AM / 6 years ago

UPDATE 1-Inmet Mining posts lower Q4 profit

(Adds details on quarter)

Feb 9 (Reuters) - Canadian base metal miner Inmet Mining said on Thursday its fourth-quarter profit fell 67 percent, on the back of lower copper and zinc prices.

Toronto-based Inmet said its net income in the quarter was C$48 million, or 69 Canadian cents a share, down from a year-ago profit of C$147 million, or C$2.57 a share.

Inmet, which owns the huge Cobre Panama project in Central America, is also looking to sell a stake in the project, a move that could help finance the development of the copper project, which is expected to cost more than $5 billion.

Much of Inmet’s future growth rests on the fate of the project in Panama. Inmet currently owns a 80 percent of the project, with Korea Panama Mining Corp (KPMC) - a joint venture of LS-Nikko Copper and Korea Resources Corp - owning the remainder of the project.

Cobre Panama is Inmet’s largest asset. The project is expected to produce 255,000 tonnes of copper a year over a 30-plus year mine life. It is also expected to produce sizable volumes of gold, molybdenum and silver as byproducts. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Bernard Orr)

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