Inmet Mining

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

Inmet Mining Corporation
IndustryMining
FateAcquired by First Quantum Minerals
Founded1987 (1987)
DefunctMarch 22, 2013 (2013-03-22)
Headquarters
Toronto, Ontario
,
Canada
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

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.[7]

References
  1. "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.
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