UPDATE: Market Chatter: First Quantum As Tells Inmet Any Stake Sale Is Inappropriate; Both Stocks Down 1% Today

By Midnight Trader,  January 14, 2013, 09:53:20 AM EDT

"First Quantum Minerals Ltd. (FM.TO), in a letter to Inmet Mining Corp. (IMN.to), 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," Bloomberg reported Sunday.

It said: "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 added. "Neither the potential buyers nor the executive were identified."

Both First Quantum and Inmet are down more than 1% today.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



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