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Friday, March 4, 2011

Inmet shares drop as Panama mining law repeal weighs, (TSE: IMN)

Shares of Inmet were the biggest losers on the Toronto Stock Exchange on Friday, after the government of Panama announced plans to repeal a recent law that allows foreign government investment in mines within the Central American country. [ID:nN04106429] The law, passed less than a month ago, is crucial to Inmet Mining (IMN.TO), as the company plans to partner with Singapore's state investor Temasek and with Korea Resources Corp to finance and build its $4.3 billion Cobre Panama copper-gold project in the country. Shares of Inmet closed down 7.4 percent, or C$5.12 at C$64, as the repeal of the law could impact Inmet's plans to finance the project.