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First Quantum completes Inmet takeover

Keywords: Tags  First Quantum, Inmet, hostile takeover, bid, copper, Cobre Panama, Philip Pascall, Suzy Waite


NEW YORK — First Quantum Minerals Ltd. has completed its Canadian $5.1-billion ($4.9-billion) acquisition of Inmet Mining Corp.

Vancouver, British Columbia-based First Quantum held 92.7 percent of Inmet’s common shares as of April 1 and will complete payment by April 5, the company said April 2.

First Quantum won a hard-fought battle to acquire Toronto-based Inmet in March (amm.com, March 25). Inmet had previously urged shareholders to reject the company’s hostile takeover bid (amm.com, March 8).

First Quantum aims to produce 1.3 million tonnes of copper over the next five years and will focus on bringing the Cobre Panama development project to fruition. Inmet previously said that Cobre Panama is expected to drive the company’s copper production up 176 percent by 2018 (amm.com, Jan. 23).

“We are delighted that our offer was met with such overwhelming acceptance by Inmet shareholders. We wish to once again thank them for their tremendous support throughout the course of our offer and to welcome them as new shareholders of First Quantum,” chairman and chief executive officer Philip Pascall said in a statement.
 
“We look forward to a bright future in which, together, we turn our vision of a new global copper leader into a reality.”

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