First Quantum in multi-billion takeover

Montreal - Canadian copper giant First Quantum Minerals has announced victory in its bid to secure a Can$5.1bn takeover of compatriot Inmet Mining Corp.

The takeover will create a "new global leader in copper" with a portfolio including operations in eight countries on four continents, First Quantum said in a statement Friday.

First Quantum has forecast revenues of US$3.5bn in 2013, while a strategic plan for the company has set a target of producing 1.3 million tonnes of copper a year by 2018.

If those targets are met, First Quantum will become one of the five largest producers of copper in the world.

First Quantum chief executive Philip Pascall thanked Inmet shareholders for making the deal possible.

"(We) are grateful for the overwhelming support that Inmet shareholders have shown for our vision of a new global leader in copper," Pascall said in the statement.

"This transaction is a substantial advancement in our long-stated objective of geographical diversification."