Temasek takes stake in Canadian mining firm
Singaporean sovereign wealth fund Temasek Holding has purchased approximately 11% of publicly listed Canadian mining group Inmet Mining Corporation for CAN$500 million ($511million).
According to a statement, Temasek’s wholly owned company Ellington Investments purchased 7,77 million previously issued common shares of Inmet. Inmet is currently listed on the Toronto Stock Exchange. The company is based in Toronto but has operations, spanning the areas of exploration, development and the mining of precious metals, in markets including Cayeli in Turkey, Las Cruces in New Mexico, and Pyhasalmi in Finland. The company is also the owner of Cobre Panama, a property development firm in Panama, and, as part of Temasek’s transaction, a portion of the $500 million will be used for Cobre Panama and its projects.
Inmet recently reported a boost in first-quarter 2011 earnings, from $68 million last year to $117 million, as a result of higher metal prices, the inclusion of earnings from its Las Cruces operations and higher copper sales volumes in Cayeli.
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