NEW YORK Inmet Mining
Corp. posted 2012 net income of $331.2 million, down 1.7
percent from $337.1 million the previous year despite an
18.6-percent jump in sales to more than $1.12
The Toronto-based companys
copper output rose 31.7 percent to 111,700 tonnes last year
from 84,800 tonnes in 2011 as its Las Cruces Mine in Spain
achieved a consistent monthly output of 6,000 tonnes since
April. However, zinc production fell 17.5 percent to 66,300
tonnes from 80,400 tonnes.
Fourth-quarter net income
dropped 16.7 percent to $38.8 million from $46.5 million in the
same period a year earlier despite an 11.3-percent increase in
sales to nearly $259.9 million. Inmets fourth-quarter
copper production increased 5.3 percent to 27,600 tonnes from
26,200 tonnes a year earlier, while its zinc production rose
15.6 percent to 20,700 tonnes from 17,900 tonnes.
The company expects global
copper supply to increase slightly in 2013 and says that zinc
supply and demand should see small upticks this year.
However, production from new
operations and improvements at existing mines could be offset
by the risk of mine underperformance, delays to existing or new
development projects, and possible labor disruptions, the
The company forecast continued
strong copper demand from China and a recovery in Europe and
the United States this year.