Miner First Quantum launched a sweetened offer for Canadian rival Inmet Mining , taking to shareholders a deal that values the owner of the giant Cobre Panama copper project at about C$5.1 billion ($5.2 billion).The offer, an improved C$72 per share to create what First Quantum says would be one of the world's top copper producers, compares to two previous approaches which valued Inmet at C$70 and C$62.50 per share - both rejected by the miner's board.First Quantum said in a statement on Sunday that its vision of a combined group was shared by Inmet's "key shareholders" - potentially crucial support, given the top four investors own almost 40 percent of Inmet shares.Its bid for Inmet led some analysts and investors to question whether First Quantum was moving away from a strategy that has relied on its engineering and construction expertise to deliver mid-sized projects at below-average cost. But like others in the sector, the miner has battled a dearth of high-quality copper deposits needed to fuel growth.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN remained unchanged at $69.83. In the past year, the shares have traded as low as $37.01 and as high as $70.75. On average, 507053 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 441795.
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