about Inmet
Inmet is a Canadian-based global mining company that produces copper, zinc and gold. We’re active in production, development and exploration — three key components to delivering sustainable growth and long-term value for our shareholders.
Active operations
Çayeli
An underground copper and zinc mine in northeastern Turkey
Las Cruces
Our open-pit copper mine in southern Spain
Pyhäsalmi
An underground copper and zinc mine in central Finland
Ok Tedi
An open-pit copper and gold mine in the Star Mountains region, Papua New Guinea
Development project
Cobre Panama
An open-pit copper project in Panama in the development phase
Strategy
Our strategy is to grow responsibly as a base metal mining company, providing superior returns to our shareholders. This strategy has served us well and continues to deliver excellent results.
Our strategy is supported by three goals. These guide our planning, and help us set objectives and measure our success.
- Long-term responsible growth
- Superior returns
- Base metal mining
Financial strength
Our financial objective is to ensure we have the cash and debt capacity to support our strategy to grow responsibly as a base metal mining company, providing superior returns to shareholders.
Our strategy is to ensure that we have sufficient liquidity in the form of cash and committed credit facilities to finance our operating requirements and the growth projects we have identified. We manage our debt levels by ensuring that, even at the low point in the metal price cycle, our operations can provide adequate debt coverage.
Key financial measures
We use the following key financial measures to assess our financial condition and liquidity:
|
as at
June 30, 2010 |
as at
December 31, 2009 |
| Current Ratio |
3.9 to 1 |
4.2 to 1 |
| Gross debt to total equity (1) |
1% |
1% |
| Net working capital balance (millions) |
$502 |
$609 |
| Cash balance including long-term bonds (millions) |
$757 |
$634 |
(1) Gross debt includes long-term debt and the current portion of long-term debt, less
the non-recourse note owing from Las Cruces to its non-controlling shareholder. |
Number of employees
1,200 and 1,434 contractors (excluding Ok Tedi Mining Limited).
Dividends
We currently pay a cash dividend of $0.10 per common share to our shareholders on June 15 and December 15 each year.
Stock exchange listing
Inmet's common shares trade on the Toronto Stock Exchange (TSX) under the stock symbol IMN.
As at June 30, 2010, we had 56,106,759 issued and outstanding common shares.
How to reach us
Corporate office
Inmet Mining Corporation
330 Bay Street
Suite 1000
Toronto, Ontario
Canada M5H 2S8
T +1.416.361.6400
www.inmetmining.com
Investor relations
T +1.416.860.3965
F +1.416.368.4692
e-mail investor relations
Transfer agent
CIBC Mellon Trust Company
www.cibcmellon.com
T Answer Line™ +1.416.643.5500
or toll free in North America +1.800.387.0825
F +1.416.643.5501
e-mail CIBC Mellon