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First Quantum Minerals Ltd Updates On Acquisition Of Inmet Mining Corporation

Wednesday, 9 Jan 2013 02:00am EST 

First Quantum Minerals Ltd announced that it has formally commenced offer to acquire all of outstanding shares of Inmet Mining Corporation for total consideration of approximately CAD5.1 billion by mailing takeover bid circular and related documents required to be sent to Inmet shareholders under applicable Canadian securities laws and filing such documents with Canadian securities regulators. Under the terms of Offer, each Inmet shareholder will have option to elect to receive consideration per Inmet share of CAD72.00 in cash or 3.2967 First Quantum shares, or 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 approximately 50% First Quantum shares and 50% cash. The cash component of Offer will be financed through a combination of First Quantum's existing cash resources, existing undrawn unconditional financing facilities of USD1.25 billion and a USD2.5 billion acquisition facility provided by Standard Chartered Bank, which has been arranged specifically to implement Offer. The Offer will be open for acceptance until 5:00 p.m. (Toronto time) on February 14, 2013, unless extended or withdrawn. First Quantum has engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as financial advisors in connection with Offer.