MINING MARKETS & INVESTMENT NEWS — NEWS ROUNDUP — Inmet awaits tungsten mine cash

Inmet Mining (IMN-T) will have to wait until the end of November to collect the $48 million it is owed for selling its Austrian tungsten subsidiary, Wolfram Bergbau-und Hutten (WBH).

The private European holding firm that bought WBH has notified Inmet that it has not yet received financing approval for the deal. The company has already paid $2 million, and the balance of the $50-million deal was due at the beginning of November.

WBH operates the Mittersill mine, one of the largest tungsten operations in the world, near Salzburg, and a tungsten conversion plant in nearby Bergla. The company employs about 230.

Inmet has also announced that milling at the Winston Lake zinc-copper mine, east of Thunder Bay, Ont., will be suspended until the Lower Pick Lake deposit is ready to mine.