The Vancouver-based miner extended the offer after coming up just short of acquiring two thirds of Inmet.
Panama Mining News
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."
Petaquilla Minerals Ltd. reports 12% increase in production, 14% increase in revenues and 32% increase in EBITDA for second quarter of fiscal 2013
A 14% increase in revenues and 32% increase in EBITDA for second quarter of fiscal 2013
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.
Adds additional resources of 502,800 gold equivalent ounces
The company highlights: Gold ounces produced increased by 12% compared to previous quarter; gold revenue: $27.6 million - increased by 8% compared to previous quarter
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.
International copper miner gains over 17% following rejection of second takeover bid
Petaquilla Minerals confirmed today that its board of directors continues to recommend that Petaquilla shareholders reject Inmet Mining Corporation's offer.
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. adds significant additional resources of 502,800 gold equivalent ounces at its Molejon operation complex-Palmilla Deposit
The NI 43-101 compliant pit constrained mineral resources in the Palmilla deposit are estimated to contain approximately 19.7 Mt of inferred resources of gold averaging 0.50 grams g/t and silver averaging 0.54 grams of silver g/t using a cutoff grade of 0.1 g/t Au
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.
Highlights include: gold ounces mined increased by 6% compared to previous quarter and gold equivalent production sold increased by 13% compared to previous quarter.
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.
When the third lane opens the canal's capacity will more than double. The largest ships will carry as many as 13,200 containers -- at least double the dry weight of bulk cargo that can pass through today.
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.