Cobre Panamá is prize in battle of Canadian miners

Investors are betting on a battle for Inmet Mining Corp. to control the coveted Cobre Panamá project in Central America, one of the world’s largest undeveloped copper plays.

Inmet shares have catapulted 23 per cent in the two tradings sessions since the company disclosed it received and promptly rejected two takeover offers in the past month from First Quantum Minerals Ltd., one of Canada’s largest copper miners.

Inmet also said it adopted a shareholder rights plan, known as a poison pill, but said that was not meant to prevent takeovers so much as give it time to consider options in the event of a hostile bid.

Source: Globe and Mail