Canadian Plans Bond for Panama Copper

Inmet Mining has started meeting investors in the US and Europe ahead of a $1bn bond sale to fund the development of the Cobre Panama copper project. The B1/BB minus Canadian-based global miner began in Monday in Toronto, and will see accounts in New York, New Jersey, Maryland, Boston and London before wrapping up in California and pricing May 15. A $1bn 8NC4 144A bond should follow, market conditions permitting. Proceeds will be used to help fund development costs for the planned $6.18bn Cobre Panama copper project in Panama, of which Inmet has an 80% share, through its Minera Panama subsidiary. Citi, Credit Suisse, BAML, Morgan Stanley and RBC are managing the transaction. The other 20% of Cobre Panama is held by Korea Panama Mining Corporation (KPMC). Inmet is engaged in the production of, development of and exploration for base metals with a primary focus on copper and zinc.