First Quantum Minerals Ltd Announces Intention to Make CAD5.1 Billion Offer for Inmet Mining Corporation

First Quantum Minerals Ltd announced that it intends to make an offer to acquire all of the outstanding shares of Inmet Mining Corporation for consideration of CAD72.00 per Inmet share in cash and/or First Quantum shares (the Offer) for an implied total equity purchase consideration of approximately CAD5.1 billion. Under the terms of the Offer, each Inmet shareholder will have the option to elect to receive consideration per Inmet share of (i) CAD72.00 in cash or (ii) 3.2962 First Quantum shares plus CAD0.01, or (iii) a mix of CAD36.00 in cash plus 1.6484 First Quantum shares, subject to a maximum aggregate cash consideration of approximately CAD2.5 billion and a maximum aggregate number of First Quantum shares issued of approximately 115.9 million, representing an overall mix of 50% cash and 50% shares. The share exchange ratio has been calculated based on First Quantum's closing share price as of November 23, 2012, the last trading day immediately prior to First Quantum's submission of its most recent proposal to Inmet's Board, the terms of which were released to the market by Inmet. The cash component of the Offer will be financed through a combination of First Quantum's existing cash resources and a USD2.5 billion acquisition facility which is being arranged specifically to implement the Offer.