We are assigning our 'B+' long-term corporate credit rating and stable outlook to Toronto-based base metals producer Inmet Mining Corp. We are also assigning our 'B+' issue-level rating and '3' recovery rating to Inmet's US$1 billion senior unsecured notes. Proceeds from the unsecured notes issuance will be used to fund development of the company's Cobre Panama copper-gold-silver project. Inmet operates three mines in Finland, Spain, and Turkey and holds a majority interest in the Cobre Panama project. The stable outlook reflects our view that contemporary base metals prices should support the company's credit measures, which are strong for the rating, with funds from operations generation reinforcing Inmet's liquidity position in a period of extraordinarily large growth capital expenditures. On May...
Companies mentioned in this report are: Inmet Mining Corp.
Action: New Rating
Action: Outlook: Stable
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Product Type: Research Update
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