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Aerial Sight of Petaquilla Copper Ltd.'s Colina Campsite in Panama.Luigi Jimenez.

Inmet Mining Corp. said its takeover offer for Petaquilla Minerals Ltd. will expire at 11:59 p.m. PT on Monday after talks between the companies over the weekend failed to reach a deal.

Inmet said "limited discussions" took place between the companies, but were unsuccessful and were "terminated."

Based on Inmet's recent share price, the offer is valued at about $147-million.

Inmet has offered Petaquilla shareholders 0.0118 of an Inmet share plus 0.1 of a cent in cash. Alternatively, shareholders may also choose to receive up to 60 cents in a combination of cash and shares based on a Inmet share price of $50.82.

Inmet's offer is seen as a move to consolidate the area around its Cobre Panama project.

Petaquilla's Molejon project neighbours Inmet's US$6.2-billion Cobre Panama copper-gold porphyry project, Panama's largest-ever mine development.