TORONTO, March 12 /CNW/ - Inmet Mining Corporation (IMN-TSX) confirmed
today that the Ok Tedi mine has been subjected to an illegal strike action by
members of the Ok Tedi Mining and Allied Workers Union. The strike was
initiated in connection with a demand for increased pay and has affected
mining and milling operations as well as concentrate handling and shipping at
the Kiunga port facility.
Ok Tedi management has advised Inmet that the strike action is contrary
to Ok Tedi's industrial agreement with the union because the demand for
increased pay is outside of the agreement's bargaining period. The industrial
agreement expires in August 2010. Ok Tedi management is taking appropriate
steps to address the strike action and has called in representatives of the
Papua New Guinea Department of Labour and Industrial Relations (DLIR) to
facilitate a resolution in accordance with the industrial agreement and
applicable laws. The DLIR has indicated to the union executive that the strike
action is unlawful. While there can be no certainty at this time, Ok Tedi
management believes that employees will return to work within 24 hours.
Inmet estimates that its 2008 copper production will be reduced by 85
tonnes while 2008 gold production will be reduced by 330 ounces for each day
the strike continues.
About Inmet - Inmet is a Canadian-based global mining company that
produces copper, zinc and gold. We have interests in four mining operations in
locations around the world: Cayeli, Pyhasalmi, Troilus and Ok Tedi. We also
have interests in two development properties, Las Cruces and Cerattepe, and
one pre-development property, Petaquilla.
This press release is also available at www.inmetmining.com.
For further information:
For further information: Jochen Tilk, President and Chief Operating
Officer, (416) 860-3972