Oct 29 Canadian gold miner Petaquilla Minerals
Ltd rejected Inmet Mining Corp's revised
buyout offer of C$130 million.
Panama-focused Petaquilla said it continues to explore other
strategic alternatives, including discussions with third parties
regarding a potential deal.
Inmet revised its cash-and-stock offer last week to value
Petaquilla at about C$130 million ($130.8 million), up from its
C$109 million offer in September.
Vancouver-based Petaquilla operates the Molejon gold project
Inmet has an 80 percent interest in the under-construction
Cobre Panama - one of the world's largest copper projects.
Shares of Petaquilla, which have risen about 77 percent
since Inmet's first offer, closed at 62 Canadian cents on the
Toronto Stock Exchange on Friday.