Inmet Mining Corp said on Tuesday it is prepared to let its C$109 million ($110.1 million) offer for Petaquilla Minerals Ltd expire should the board of the Canadian gold producer continue to reject it.Inmet said a deal with Petaquilla, which has interests in Panama, would not be material to the development of its own copper project in Panama.Vancouver, British Columbia-based Petaquilla operates a surface gold processing plant at its Molejon project in south-central Panama. Inmet has an 80 percent interest in Cobre Panama, one of the world's largest copper projects. Cobre Panama is now under construction.Toronto-based Inmet's statement came in response to the Petaquilla board's rejection of the Inmet offer. Inmet said Petaquilla's board has provided no new information that would warrant a change in the offer.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 2.0% or $0.93/share to $47.34. In the past year, the shares have traded as low as $37.01 and as high as $70.34. On average, 358924 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 55166.
Petaquilla Minerals Ltd. (Petaquilla), incorporated on October 10, 1985, is engaged in the mining and mineral exploration of gold-bearing mineral properties in Panama. Shares of PTQ remained unchanged at $0.62. In the past year, the shares have traded as low as $0.30 and as high as $0.82. On average, 1070500 shares of PTQ.TO exchange hands on a given day and today's volume is recorded at 309600.
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