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Inmet Rejects First Quantum Bid After Allowing Due Diligence

Inmet Mining Corp. (IMN), the developer of the Cobre Panama copper project, reiterated its rejection of a C$5.1 billion ($5 billion) offer from First Quantum Minerals Ltd. (FM) for being too low.

Inmet granted First Quantum full access to carry out due diligence, the Toronto-based company said today in a statement. Inmet said it will continue to seek a sale of a minority stake in Cobre Panama.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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