First Quantum Minerals Ltd. has announced that it has enough support from its shareholders to acquire rival Inmet Mining Corp. for C$5.1 billion.
Vancouver-based First Quantum said in a statement that it is bidding to acquire about 85.5 % of Inmet's shares, representing a total of 60.1 million shares.
The cash and stock bid, which was announced in mid-December, was worth C$5.1 billion. It expired March 21 but has been extended on April 1, allowing other shareholders at Inmet to have the chance to tend to First Quantum's offer.
First Quantum is a producer of copper, nickel and gold. Inmet is a global mining company that is developing the Cobre Panama copper Project in Panama which is worth $6.2 billion.
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