First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, President Clive Newall said on Tuesday."There are a number of regulatory hurdles to go over, and we hope they'll all be done by tomorrow, but we may need to extend slightly," Newall said while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.The C$72-a-share bid is set to expire on Wednesday at 1700 EST (2200 GMT). The offer, announced in mid-December, tops First Quantum's earlier offers of C$62.50 and C$70 per share.Last month, Inmet asked its shareholders to reject First Quantum's offer, calling it inadequate. The company said it was in talks with third parties for alternative deals.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM traded higher by 1.79% or $0.33/share to $18.74. In the past year, the shares have traded as low as $16.46 and as high as $24.90. On average, 1607810 shares of FM.TO exchange hands on a given day and today's volume is recorded at 1280068.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN fell by 0.11% or $-0.07/share to $65.45. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 487165 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 349256.
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