Leucadia sells interest in Cobre Las Cruces copper mine to Inmet Mining for US$575 million

On December 15, 2010, Inmet Mining Corporation (TSX:IMN) and an affiliate closed the previously announced transaction with Leucadia National Corporation and an affiliate acquiring their 30% 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.Fasken Martineau was Canadian counsel to Leucadia in this transaction with a team that included Stephen Erlichman and Aaron Atkinson (corporate/securities) and Christopher Steeves (tax).