Why invest in Inmet?
We focus on creating sustainable growth that will generate long-term value for our shareholders.
Growth
We have been growing steadily since 2000. With our acquisition of Las Cruces in 2005 and increased production at Çayeli, we expect a 50 percent increase in copper production by 2009. If we proceed with Cobre Panama, production could nearly double by 2014.
Long-term value
We measure value creation by the performance of our share price over the long term relative to our peers. Our share price in 2009 increased almost threefold, starting at $23 per share in January and ending the year at $64 per share. This was consistent with our peers, since we all benefitted from a recovering economy, higher metal prices and an increasingly positive outlook for commodities.
Our share price was below our peer group by a cumulative 24 percent in 2009. The markets were extremely volatile in 2009 and certain large companies in the mining index experienced even greater volatility which affects benchmarking against our peers. We underperformed our peer group by a cumulative 20 percent over the five years ending December 31, 2009, but outperformed the market every year before 2009. We believe this year’s underperformance is a short term phenomena as we expect near term growth with Las Cruces and our significant leverage to copper with Cobre Panama will drive a stronger growth profile than many of our peers.
