Inmet Mining

"Inmet" redirects here. For the Brazilian meteorological agency, see National Institute of Meteorology.
Inmet Mining Corporation
IndustryMining
Founded1987; 37 years ago (1987)
DefunctMarch 22, 2013; 11 years ago (2013-03-22)
FateAcquired by First Quantum Minerals
Headquarters
Toronto, Ontario
,
Canada
Number of locations
Mexico, Peru, Spain, Panama, Chile and Finland
$264 million (2011)

Inmet Mining Corporation was a mining company headquartered in Toronto. In 2013, the company was acquired by First Quantum Minerals in a hostile takeover.

The company held an 18% stake in Ok Tedi Mining Limited. The company had mines in Çayeli, Turkey; Las Cruces, Spain; and Pyhäsalmi, Finland. It was also developing a mine in Cobre Panama, Panama.

History

The company was founded in 1987.

In 1996, the company commissioned the Troilus mill, which began production in 1997.[1] Homestake Mining Company agreed to acquire a majority interest in the mine in 1997 but backed out of the deal.[2] The mine was shut in 2010.[1]

In 2003, the company acquired a mine in Turkey from Teck Resources.[3]

In April 2004, the company agreed to merge with Aur Resources but the transaction was called off in June 2004.[4]

In May 2008, the company took over management of the mine in Petaquilla.[5]

In January 2011, Lundin Mining agreed to combine with the company but in March 2011, the deal was called off after failing to win shareholder support.[6]

In March 2013, First Quantum Minerals acquired the company for C$5.1 billion in a successful hostile takeover bid.[7]

References

  1. ^ a b "Copper One acquires past producing Troilus Mine from First Quantum Minerals" (Press release). CNW Group. April 8, 2014.
  2. ^ "Inmet wins B.C. court decision against Homestake". The Globe and Mail. November 17, 2003.
  3. ^ "Inmet to buy Teck's Turkish unit". The Globe and Mail. April 29, 2003.
  4. ^ STUECK, WENDY (June 29, 2004). "Aur, Inmet call off merger". The Globe and Mail.
  5. ^ "Inmet takes reins at Petaquilla project". The Globe and Mail. May 14, 2008.
  6. ^ "Lundin and Inmet call off $9B mining merger". CBC News. The Canadian Press. March 30, 2011.
  7. ^ Jordan, Pav (March 22, 2013). "Cobre Panama beckons as First Quantum seals Inmet takeover". The Globe and Mail.