TORONTO INMET MINING has made an offer to acquire all of the outstanding common shares of PETAQUILLA COPPER at a price of $2 per share. The offer represents a premium of 108% over the July 4 price and an 85% premium over the 20-day volume weighted average price on the same date.
Vancouver-based Petaquilla has as its principal asset the Petaquilla copper-gold project in north-central Panama. It holds a 52% interest in the project and acts as operator. The project is headed for production at a rate of 490 million lb of copper in each of the first 10 years. (www.PetaquillaCopper.com)
The balance of the project, 48% is already held by Inmet. According to project information on its website (www.InmetMining.com), a capital investment of at least US$3.5 billion is required, including $500 million to build an oil-fired power plant. Inmet says permitting will follow the submission of a socio/environmental impact assessment, expected to be finished in Q1 2009.
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