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UPDATE: Inmet Announces Award of Cobre Panama Mine Pre-Stripping Contract; Inmet Up Slightly

Inmet Mining Corporation (IMN.TO) announced that its subsidiary, Minera Panama S.A. (MPSA) has awarded the Cobre Panama mine pre-stripping contract to a joint venture of Salini S.p.A. and Impregilo S.p.A.

With this award, commitments for the development of Cobre Panama now amount to US$4.1 billion of the total estimated capital cost of US$6.2 billion, consistent with the company's project execution plan.

IMN edged up by 11 cents to $73.07, trading near year high $74.10. Over 9,000 IMN shares have changed hands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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