Inmet Bolsters Panama Ops As $5B Hostile Bid Looms

Law360, New York (February 25, 2013, 4:57 PM EST) -- Canadian copper extractor Inmet Mining Corp. on Monday signed a CA$150 million ($146 million) deal with rival Petaquilla Minerals Ltd. for land and resources to support its massive Cobre Panama mine, which is the centerpiece of a CA$5.1 billion hostile takeover bid from First Quantum Minerals Ltd.

Under the binding term sheet, Inmet will lock down land adjacent to its flagship Cobre Panama mine, a yet-undeveloped $6 billion project, to support new infrastructure. The Vancouver company also agreed to pay Petaquilla between $75 million and $100...
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