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Many copper miners are familiar with Inmet’s Cobre Panama project after the copper miner shopped around a stake to help it shoulder development costs.
Many copper miners are familiar with Inmet’s Cobre Panama project after the copper miner shopped around a stake to help it shoulder development costs.
(Inmet Mining)

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The odds of First Quantum’s Inmet takeover look long

A flurry of activity by Inmet Mining Corp. positions the company well to withstand a hostile bid from rival First Quantum Minerals Ltd., and it appears investors are betting that First Quantum won’t be able to get its target.

Inmet’s release of a big increase in reserves at its Cobre Panama copper project gives investors and potential white knights comfort about the value of the site. And the raising of $500-million of debt signals that Inmet has the cash on hand to keep building the mine without having to rely on an acquirer.