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
Pyhäsalmi
An underground copper and zinc mine in central Finland
Troilus
An open-pit gold and copper mine in northwestern Quebec, Canada
Ok Tedi
An open-pit copper and gold mine in the Star Mountains region, Papua New Guinea
Development projects
Las Cruces
Our open-pit copper development project in southern Spain
Cerattepe
Our underground copper development project in northeastern Turkey
Pre-development project
Petaquilla
An open-pit copper project in Panama in the pre-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 for six years, 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 strategy is to ensure that we have sufficient liquidity in the form of cash and committed credit facilities to finance our operating requirements and identified growth projects. In addition, our target for assessing our sustainable debt levels is to ensure that our operations, at the low point in the metal price cycle, can provide adequate debt service coverage.
High metal prices over the past two years has allowed us to strengthen our balance sheet while spending significant capital to support our growth strategy.
Key financial measures
We use the following key financial measures to assess our financial condition and liquidity:
|
as at March 31, 2008 |
as at December 31, 2007 |
| Current Ratio |
6.3 to 1 |
5.6 to 1 |
| Long-term debt to total capitalization |
22% |
18% |
| Net working capital balance |
$982 million |
$855 million |
| Cash balance |
$906 million |
$841 million |
Number of employees
1,117 and 947 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 March 31, 2008, we had 48,281,759 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 +1.416.860.3976
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