Canada's Inmet Mining Corp , the target of a hostile takeover bid by First Quantum Minerals Ltd, reported a 17 percent drop in quarterly profit on Thursday as foreign exchange losses and other costs offset stronger operating results.Earnings from operations rose 26 percent in the fourth quarter to $112.4 million, boosted by results at the company's Las Cruces mine in Spain, which compensated for lower earnings at its Cayeli mine in Turkey.A successful takeover would give First Quantum control of the massive Cobre Panama project. Inmet holds 80 percent of the deposit in Panama, expected to produce an average of 266,000 tonnes of copper annually over a 30-plus year mine life.Cobre Panama, which will also produce sizable volumes of gold, molybdenum and silver, is about 9 percent through construction, slightly behind schedule.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 3.95% or $-0.77/share to $18.73. In the past year, the shares have traded as low as $16.46 and as high as $24.90. On average, 1513550 shares of FM.TO exchange hands on a given day and today's volume is recorded at 2989839.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN fell by 2.42% or $-1.66/share to $66.93. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 476784 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 161934.
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