The miner is now looking for new projects that will allow it to return more than 30% average value to shareholders, president Clive Newall said.
Inmet Mining Corporation Mining News
The temporary measure is due to a labour dispute with some of its construction workers, said the firm.
The Vancouver-based firm will announce a revised investment figure and timeline for its $6.2 billion copper-gold porphyry Cobre Panama mine before the end of 2013.
The new merged company projects a 1.3 million tonnes of copper output per year by 2018.
The Vancouver-based miner extended the offer after coming up just short of acquiring two thirds of Inmet.
Its cash-and-stock offer for Inmet expires late Monday night, unless extended.
They have reached a preliminary $150 million commercial agreement over land rights near the $6.2 billion Cobre Panama copper project.
Panama's Supreme Court backed Petaquilla's exploration and extraction rights in five areas of Panama's Donoso District.
The country’s Supreme Court ruled against Inmet's land rights claims near Petaquilla’s concessions.
Haywood Securities mining analyst, Kerry Smith, says the Vancouver-based miner already has "a lot on its plate."
First Quantum said Inmet is trying to sabotage the takeover, while Inmet suggested its counterpart’s complaints were dishonest.
Inmet's largest shareholder in favour of a deal.
If successful, the deal will be the biggest hostile mining bid since BHP Billiton failed $40bn offer for Potash Corp. of Saskatchewan in 2010.
Vale (NYSE:VALE), Teck (NYSE:TCK) and Freeport-McMoRan (NYSE:FCX) are some of the names analysts are throwing into the pot as the next likely bidders for Inmet MiningCorp. (TSX:IMN), which owns the world’s second-biggest undeveloped copper deposit, in Panama.
Canada's Inmet Mining Corp (TSX:IMN) posted a 19% rise in third-quarter profit, as copper production and prices improved.
Canadian miners Petaquilla Minerals Ltd. (TSX:PTQ) and Inmet Mining Corp. (TSX:IMN) have been on the news in recent weeks as the companies locked horns over land rights near the Cobre Panama copper project, run by Inmet’s subsidiary Minera Panama.
Petaquilla Minerals Ltd. (TSX:PTQ) has rejected as inadequate an unsolicited, the latest takeover bid by Inmet Mining Corp. (TSX:IMN) presented Friday, which was 25% cent higher than the $112-million Inmet originally offered.
Canadian gold miner Petaquilla Minerals Ltd. (TSX:PTQ) confirmed late Thursday it is studying an upgraded and final takeover offer by Inmet Mining Corp. (TSX:IMN), which is now offering about 25% more than $112-million it previously proposed.
Petaquilla Minerals Ltd. (TSX:PTQ) has rejected as inadequate an unsolicited, a $112-million takeover bid for the company by Inmet Mining Corp. (TSX:IMN), which operates a gold mine adjacent to Petaquilla’s Molejon project in Panama.
The Toronto-based company said the bid of 48 cents per share in cash represents a 37% premium at the close of Petaquilla's trading on the Toronto Stock Exchange.
Canada’s Franco-Nevada has committed a whopping $1 billion to support the development costs of Inmet's massive Cobre Panama copper project in exchange for a future precious metals stream.
Toronto-based major Inmet Mining has opted to retain its majority interest in the world-class Cobre Panama copper-gold project through development financing, as the company announced a hybrid plan that would see it shoulder the bulk of a US$6.2 billion capital expenditure (capex) requirement aimed at putting the project into production by 2016.
Canadian copper-zinc producer Inmet Mining earned a third less profit in the fourth quarter than the same period a year ago.
An indigenous Ngöbe-Buglé teenager was killed and 40 people were injured in connection with a police crackdown on dissent over mining and hydroelectric developments in Panama, where Canadian mining companies have a large presence.
TORONTO, CANADA--(Marketwire - Jan. 16, 2012) - Inmet Mining Corporation (TSX:IMN) is pleased to announce its production by operating mine for 2011, and production and cash cost objectives for 2012.