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Tuesday, January 22, 2013

Inmet asks shareholders to reject First Quantum's C$5.1 billion offer, (TSE: IMN.TO)

Inmet Mining Corp asked its shareholders to reject Canadian base-metal miner First Quantum Minerals Ltd's C$5.1 billion hostile offer, terming the bid inadequate. First Quantum is offering C$72 for each share of its smaller rival.Inmet said it was evaluating a range of strategic alternatives and has approached a number of third parties who have expressed an interest in considering alternative transactions involving Inmet or its assets.

Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN fell by 0.31% or $-0.22/share to $70.94. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 504233 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 52445.