Inmet lowers '09 production forecast due to decreased mine output

Inmet Mining reported a net income of C$179.4 million or $3.86 per share, a 28% drop from the $249.4 million ($5.15/sh) in net income reported during the same period of last year.

RENO, NV - 

Toronto's Inmet Mining has lowered its annual production outlook, citing decreased output at the Cayeli, Ok Tedi and Las Cruces operations.

Total 2009 production forecasts have been reduced by 13,100 tonnes to 87,4000 tonnes of copper, by 1,900 tonnes to 76,000 tonnes of zinc, by 6,400 ounces to 223,600 ounces of gold and by 23,000 tonnes to 388,000 tonnes of pyrite.

Lower metal grades at Cayeli and Troilus lowered third-quarter copper production, but this was offset by new production at Las Cruces and higher grades at Pyhasalmi.  Third-quarter copper production was reported to be 59,200 tonnes, a four percent decline from the same period of 2008.

For the first nine months of this year, copper production was reported at 59,200 tones, compared to 59,400 tonnes reported during the first nine months of 2008.

Meanwhile, third-quarter zinc production was up 49% to 21,700 tonnes mainly because zinc grades and recoveries at Cayeli and Pyhasalmi were higher.  For the first nine months of this year, zinc production declined 3% to 54,500 tonnes

Inmet reported third-quarter gold production dropped 24% to 48,200 ounces because grades were lower at Troilus and OK Tedi. For the first nine months of this year, gold production declined 1% to 177,600 ounces.

FINANCIALS

Inmet reported an 18% drop in third-quarter 2009 net income to C$61.6 million or C$1.10 per share compared to a net income of $75 million and $2.03/sh.

For the first nine months of this year, Inmet reported a net income of C$179.4 million or $3.86 per share, a 28% drop from the $249.4 million ($5.15/sh) in net income reported during the first nine months of 2008.

The company reported a cash and cash equivalents balance as of September 30, 2009, of C$497 million.

For the first nine months of this year Inmet reported total average cash costs of US54-cents per pound and US$171 per ounce of gold. Last year the company reported average cash costs of US51-cents per pound of copper and US$395/oz of gold. 

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come on Dorothy, try to write clearly Both Q3 copper production and YTD copper production was 59,200 tones. Seems a bit unlikely! "Third-quarter copper production was reported to be 59,200 tonnes, a four percent decline from the same period of 2008. For the first . .more nine months of this year, copper production was reported at 59,200 tones, compared to 59,400 tonnes reported during the first nine months of 2008." . .less by shinny on October 28 2009, 23:40 Find this comment inappropriate? Report it

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