Canada's Inmet backs off from Petaquilla takeover

Canada's Inmet Mining said it would no longer attempt to acquire 50.1 percent of Panama's Petaquilla Minerals, after it failed to round up enough support from Petaquilla's shareholders.

Inmet operates Cobre Panamá, the country's largest copper mining project valued at $6.2 billion, about $1 billion more than the expansion of the Panama Canal project.

"We don't expect the failure of the acquisition to affect the ability of Inmet to continue with its Cobre Panamá project", analyst Greg Barnes.


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