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Analyst Actions: Inmet Mining Corp Gets Higher Price Target, Gets To Keep Buy at TD Newcrest

Inmet Mining Corp. (IMN.TO) could become a takeover target if its recently discovered Cobre Panama project continues to expand in scope, TD Newcrest analyst Greg Barnes is cited in the Globe and Mail as saying. Inmet this week released results from 12 new drill holes, with one showing higher copper and gold grades than the previous best intercept reported in March, the paper said.

"It is looking that Balboa could justify an expansion of the current planned operation relatively quickly after production commences in 2016/17 and, therefore, presents further upside for the project," Barnes said in a research note. Inmet is looking for a partner to take a 20% to 40% stake in the US$5.2 billion project to share in financial and development risks.

Barnes raised his price target by $5 (Canadian) to $93 and reiterated a Buy rating.

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

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

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