Inmet Mining Corporation was a mining company headquartered in Toronto. In 2013, the company was acquired by First Quantum Minerals in a hostile takeover.
 | |
| Industry | Mining |
|---|---|
| Founded | 1987 |
| Defunct | March 22, 2013 |
| Fate | Acquired by First Quantum Minerals |
| Headquarters | , |
Number of locations | Mexico, Peru, Spain, Panama, Chile and Finland |
| $264 million (2011) | |
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
editThe 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
edit- ^ a b "Copper One acquires past producing Troilus Mine from First Quantum Minerals" (Press release). CNW Group. April 8, 2014.
- ^ "Inmet wins B.C. court decision against Homestake". The Globe and Mail. November 17, 2003.
- ^ "Inmet to buy Teck's Turkish unit". The Globe and Mail. April 29, 2003.
- ^ STUECK, WENDY (June 29, 2004). "Aur, Inmet call off merger". The Globe and Mail.
- ^ "Inmet takes reins at Petaquilla project". The Globe and Mail. May 14, 2008.
- ^ "Lundin and Inmet call off $9B mining merger". CBC News. The Canadian Press. March 30, 2011.
- ^ Jordan, Pav (March 22, 2013). "Cobre Panama beckons as First Quantum seals Inmet takeover". The Globe and Mail.