INMET Mining has signed an agreement with Leucadia National to acquire a 30% indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine.

The purchase value of the acquisition is $552m, which comprises $150m in cash and $330m in common shares of Inmet.

In addition, Leucadia will be released from its guarantee of $72m debt owed by Las Cruces to an affiliate of Inmet as a result of the re-financing of the project facility in 2009.

Las Cruces is an open-pit mining operation and process plant located in the Sevilla province of Southern Spain.