Toronto, December 12, 2012 -- Moody's Investors Service affirmed Inmet Mining Corporation's B1 corporate family, B1 probability of default, B1 senior unsecured, and SGL-2 speculative grade liquidity ratings. Moody's also assigned a B1 to Inmet's proposed $500 million senior unsecured notes issue. Proceeds from the new notes will be used to strengthen the company's already good liquidity position. The ratings outlook remains stable.

Inmet's B1 rating was affirmed as its credit metrics, pro forma for the new debt issue, remain in line with Moody's expectations for the rating (adjusted Debt/EBITDA of 3.2x and EBIT/Interest of 2.7x). As well, Moody's expects that Inmet will retain proceeds from the notes on its balance sheet to provide incremental cushion against any potential overruns associated with its "Cobre Panama" copper mine development project, of which it owns 80%.

Ratings Affirmed:

Corporate Family Rating, B1

Probability of Default Rating, B1

Speculative Grade Liquidity Rating, SGL-2

$1.5 billion senior unsecured notes due 2020, B1 (LGD4, 50%)

Ratings Assigned:

$500 million senior unsecured notes due 2021, B1 (LGD4, 50%)

Outlook: Remains stable RATINGS RATIONALE Inmet's B1 corporate family rating reflects its concentration of copper production from three relatively small mines in Turkey, Finland and Spain, the short remaining lives of these mines, and execution risks related to the development of Cobre Panama, which is expected to cost $6.2 billion (100% basis) and enter into commercial production in 2016. Inmet's production volumes are expected to remain relatively stable over the next few years and its low cost position should support continuing good margins. As well, its liquidity is good and the company has fully funded its $4.9 billion share of Cobre Panama's expected development costs. Adjusted pro-forma leverage of 3.2x is slightly favorable for the rating, although Moody's forecasts that Inmet's consolidated leverage will rise towards 5x through 2014 as copper prices retreat to a baseline level of $3.30/ pound from $3.60/ pound currently and as Inmet's minority partner in Cobre Panama likely injects some of its capital in that project in the form of debt. Inmet's leverage is likely to remain elevated and its free cash flow materially negative into 2016 when initial production from Cobre Panama will then enable the company to quickly de-lever. The rating also reflects Moody's favorable view for copper relative to other base metals and the relatively low risk jurisdictions of the company's operations.

The stable outlook reflects Moody's expectation that Inmet's production will remain near current levels and copper prices will remain relatively favorable through mid-2014.

The rating could be upgraded if Inmet successfully completes the development of Cobre Panama and maintains its adjusted Debt/EBITDA below 3x. The ratings could be downgraded if Inmet experiences significant operational difficulties at its primary mines, if capital requirements for Cobre Panama increase significantly, or if there is a material deterioration in its liquidity position. A downgrade would also be considered if adjusted Debt/ EBITDA is expected to be sustained above 4.5x.

The principal methodology used in rating Inmet was the Global Mining Industry Methodology published in May 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Inmet Mining Corporation is a Canadian-based global mining company engaged in the development and production of mineral properties in Turkey, Spain, Finland and Panama. The company produces copper, zinc, and pyrite concentrates and is developing one of the world's largest copper deposits, Cobre Panama. Revenue from the last twelve months ended September 30, 2012 was roughly US$1.1 billion with about 110,300 metric tonnes of copper and 63,500 metric tonnes of zinc produced. Inmet is headquartered in Toronto, Ontario, Canada.

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Darren M. Kirk VP - Senior Credit Officer Corporate Finance Group Moody'sCanada Inc.70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada(416) 214-1635Donald S. Carter, CFA MD - Corporate Finance Corporate Finance Group(416) 214-1635 Releasing Office: Moody's Canada Inc.70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada(416) 214-1635(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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