In a statement, First Quantum Minerals has said it has gathered enough shareholder support to be able to take over Inmet Mining. The vote would mean winning control over one of the world's biggest untapped copper deposits.
The value of the deal is estimated at Can$5.1 billion and would certainly see the concentration of production of lead left in the hands of a few companies. Furthermore, First QUantum expands its portfolio to include the Can$6.2 billion Cobre Panama Project with its many other projects located in Zambia.
It is an uphill climb, as Cobre Panama, though rich with its untapped copper deposits, sits in a country with little or no mining history and is projected to become one of the most expensive undertakings in the industry to date.
According to First Quantum President Clive Newell, in a statement to Reuters, "There will be a hiatus of three to six months, whatever it takes to do a comprehensive reassessment and renegotiations where required. But our build time will be much shorter."
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