Inmet admits talks on $5 billion offer for Cobre Panamá

Inmet Mining says it is in talks to sell a minority stake in the mammoth Cobre Panama copper project, and again urged shareholders to reject a hostile takeover offer for the whole company.

Investors must decide by midnight tonight whether to tender to the $5.1-billion offer from First Quantum Minerals, a Vancouver-based copper miner which has been courting Inmet since October.

Cobre Panama is one of the world’s largest undeveloped copper assets. The Panama mine would cost more than $6-billion to build, and add some 300,000 tonnes of copper to annual global production when it comes on line in 2016.

Source: Globe and Mail