(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)