First Quantum Tells Inmet Any Stake Sale Is Inappropriate

First Quantum Minerals Ltd., in a letter to Inmet Mining Corp., told the company “it’s not the time” to sell a stake in its Cobre Panama copper project to thwart First Quantum’s C$5.1 billion ($5.2 billion) hostile bid.

Some Inmet shareholders have expressed concern that the Toronto-based copper producer is proposing to complete a sale of a further minority interest in the Cobre Panama project, First Quantum said in the letter released yesterday. The concerns are “apparently based upon discussions with a senior executive officer of Inmet,” it said. Neither the potential buyers nor the executive were identified.