MONTREAL,
April 2, 2013 /CNW Telbec/ -
SNC-Lavalin Group Inc. (TSX: SNC) has been informed that First
Quantum Minerals (FQM) recently acquired a majority stake in Inmet
Mining Corporation (Inmet), giving the company control over the
Cobre Panama project. FQM typically directs and executes its
projects on an internal direct-hire basis, with additional external
expertise brought on only as required.
Subsequent to this acquisition, a joint venture led
by SNC-Lavalin International Co. Inc., a member of SNC-Lavalin
Group Inc., and including GyM S.A. and Techint International
Construction Corp, has received a notice of suspension from Minera
Panama S.A. (a subsidiary of Inmet) related to the majority of the
work to be performed under its EPCM contract for the balance of
plant of the Cobre Panama copper mine. The joint venture has also
received a notice of termination from Minera Panama S.A. in
relation to the engineering and procurement services to be
performed under the agreement in relation to the process
plant.
Until a notice of resumption (if any) is received
with respect to the suspended work, the residual value of
SNC-Lavalin's portion of the contract will be debooked from its
backlog in the first quarter of 2013. The value of the suspended
and terminated work was worth approximately $120 million in anticipated services
revenues.
SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure, and in the provision of operations and
maintenance services. Founded in 1911, SNC-Lavalin has offices
across Canada and in over 40 other
countries around the world, and is currently working in some 100
countries. www.snclavalin.com
SOURCE SNC-LAVALIN