Inmet Mining announces award of Engineering, Procurement and Construction Management (EP+CM) contract to SNC-Lavalin-led joint venture

On November 8, 2010, Inmet Mining Corporation (Inmet) (TSX: IMN) announced that its subsidiary, Minera Panama S.A. (MPSA) has awarded a contract to Joint Venture Panama Inc., a joint venture led by SNC-Lavalin Group Inc. (70%) with partners GyM S.A. (a member of Grana y Montero Group) (15%) and Techint International Construction Corp. (15%), to provide basic engineering for the Cobre Panama copper project. The award is the result of an eight month competitive procurement process. Basic engineering under the EP+CM contract is expected to take approximately 12 months. Thereafter, and provided MPSA has given final approval to proceed with the construction of the project, the EP+CM contract will be extended for the detailed engineering and construction management for all facilities except the process plant. The process plant will be awarded under an independent tender process.

Inmet is a Canada-based global mining company that produces copper, zinc and gold, with operations in Turkey, Spain, Finland, Canada and Papua New Guinea, in addition to the Cobre Panama mine.

The Cobre Panama project is 100% owned by MPSA, an indirect wholly owned subsidiary of Inmet. The Cobre Panama project is expected to produce 289,000 tonnes of copper and 108,000 ounces of gold per year during the first 16 years of a 30-year mine life.

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