Inmet Mining Buys Leucadia National's Interest in Cobre Las Cruces Copper Mine

On December 15, 2010, Inmet Mining Corporation (TSX: IMN) and an affiliate closed the acquisition from Leucadia National Corporation of its 30 per cent indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine. The purchase consideration comprised US$150 million cash and 5,442,413 common shares of Inmet which, based on the TSX closing price on December 14, had an approximate value of US$425 million. In addition, Leucadia was released from its guarantee on US$72 million debt owed by Las Cruces to an affiliate of Inmet as a result of the re-financing of the project facility in 2009.

Inmet Mining was represented by its Vice President, General Counsel and Secretary, Steve Astritis, and advised by Torys LLP with a team that included Christopher Fowles, James Miller and Jamie Becker (corporate/securities).

Leucadia was advised by Weil, Gotshal & Manges LLP with a team that included Andrea Bernstein and Darlyn Heckman (corporate/securities) and by Fasken Martineau DuMoulin LLP with a team that included Stephen Erlichman and Aaron Atkinson (corporate/securities) and Christopher Steeves (tax).


Stephen I. Erlichman Christopher J. Fowles Steve Astritis James Miller Aaron Atkinson Jamie Becker Christopher J. Steeves


Torys LLP Weil, Gotshal & Manges LLP Fasken Martineau DuMoulin LLP