NEW YORK First Quantum Minerals Ltd. has won its
hard-fought battle to acquire Inmet Mining Corp. for Canadian
$5.1 billion ($4.9 bilion).
Toronto-based Inmet advised shareholders March 22 to tender
their shares to the extended offer on or before the deadline of
5 p.m. April 1.
Vancouver, British Columbia-based First Quantum had purchased
85.5 percent of Inmets outstanding shares by March
Inmet had previously urged shareholders to reject First
Quantums hostile takeover bid (
amm.com, March 8
We are delighted to have successfully completed the
offer, and are grateful for the overwhelming support that Inmet
shareholders have shown for our vision of a new global leader
in copper, First Quantum chairman and chief executive
officer Philip Pascall said in a March 22 statement.
We are now focused on turning the vision into reality by
putting together the great strengths of both
companiestheir high-quality mining assets and their
equally high-quality human resourcesto create a new
global leader in copper with a far broader and more
geographically diversified and dynamic portfolio of operating
and development assets than either company on a stand-alone
Ten Inmet directors resigned March 22, while four First Quantum
nomineesPascall, Martin Rowley, Clive Newall and Andrew
Adamshave been named to the board.
The company aims to produce 1.3 million tonnes of copper over
the next five years.
The Cobre Panama project is expected to drive up Inmets
copper production by 176 percent within five years, Inmet
chairman David Beatty said in January (
amm.com, Jan. 23