Inmet Reports Closing of the Ok Tedi Transaction

Inmet Mining Corp  (TSX:IMN) announced that the Ok Tedi transaction has been completed.

The press release is quoted as saying:

Inmet received gross proceeds of US$335 million which resulted in net proceeds received by Inmet of approximately US$307 million, after withholding taxes paid in Papua New Guinea (PNG). There will be no further Canadian or PNG taxes owing with respect to this transaction and the withholding taxes of US$28 million paid in PNG will be available as a credit to reduce income taxes otherwise payable in Canada.

 To access the full release, click here.