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Inmet urges shareholders to reject hostile offer

TORONTO (AP) -- Copper miner Inmet Mining Corp. is in talks with several parties who may help it fend off a $5.1-billion hostile takeover by First Quantum Minerals and is urging shareholders to reject First Quantum's bid.

Inmet said Tuesday discussions are ongoing with several unidentified interested parties.

Toronto-based Inmet says Vancouver-based First Quantum has no experience developing a project the size of its Cobre Panama copper mine. Inmet owns 80 percent of the Cobre Panama copper project.

It also says the First Quantum offer undervalues Inmet's assets and will deprive Inmet shareholders of the potential upside from Cobre Panama. First Quantum's offer of $72 per Inmet share is set to expire Feb. 14 but the company has the option to change that date.

First Quantum has operations in Zambia, Mauritania and Australia