Inmet Mining

Last updated
Inmet Mining Corporation
Industry Mining
Founded1987;36 years ago (1987)
DefunctMarch 22, 2013;10 years ago (2013-03-22)
FateAcquired by First Quantum Minerals
Headquarters,
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.

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]

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References

  1. 1 2 "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 .