First Quantum Accuses Inmet Of Trying To Thwart $5.2B Deal

Law360, New York (January 14, 2013, 1:54 PM EST) -- Canadian copper miner First Quantum Minerals Ltd. accused Inmet Mining Corp. of trying to thwart its unsolicited CA$5.1 billion (US$5.2 billion) takeover, expressing concern in a Saturday letter that Inmet is trying to unload a minority stake in its cash-cow flagship copper project.

The Cobre Panama effort — a 40-year mine with an estimated 26 billion pounds of copper stores — is the centerpiece of the proposed transaction, and a linchpin in First Quantum's plans to swell into a top-five copper miner. After First Quantum lobbed...
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