VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 8, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO)(FQM.L) today announced that it has extended and varied its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN") by delivering written notice of such extension and variation to Computershare Investor Services Inc., in its capacity as depositary for the Offer. The Offer will now be open for acceptance until 5:00 p.m. (Eastern Standard Time) on February 27, 2013, unless further extended or withdrawn.
A Notice of Variation and Extension has been filed with the Canadian securities regulators and will be available for review at www.sedar.com. The Notice of Variation and Extension is also being mailed to Inmet shareholders in accordance with applicable Canadian securities laws.
On February 7, 2013, First Quantum received an advance ruling certificate in respect of the Offer from the Commissioner of Competition under Canada''s Competition Act, satisfying a condition of the Offer relating to Competition Act approval. The Offer has been extended to allow further time for satisfaction of the conditions of the Offer, including receipt of other required regulatory approvals.
Commenting upon the extension, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:
"We are pleased with the progress of our Offer, however some regulatory approvals, which are conditions of our Offer, have not yet been received. We continue to work towards ensuring that we will be in a position to satisfy all the conditions of our Offer as soon as possible. We have received strong support and encouragement for the Offer from Inmet''s shareholders. We know that shareholders representing a large proportion of the Inmet shares have urged the Inmet Board to engage with us in an effort to turn our shared vision of creating a global copper leader into reality. We also know that a number of Inmet shareholders have expressed their concern to Inmet regarding the proposed sale of a further minority interest in the Cobre Panama project, depriving Inmet shareholders of the opportunity to consider our Offer. We wish to thank those Inmet shareholders for their support. We encourage them to continue with these efforts, as we continue with our own efforts to engage Inmet''s directors and management team in an open dialogue and exchange of information. We look forward to satisfying all of the conditions of our Offer as soon as possible enabling us to start the implementation of our exciting plans for the combined entity."