Inmet firm on First Quantum bid as deadline looms Inmet Mining Corp. urged shareholders on Tuesday to fend off a $5.1-billion takeover bid from First Quantum Minerals after the Vancouver rival failed to sweeten the offer even after being allowed due diligence. "Despite its communication to Inmet shareholders stressing the link between due diligence and its ability to increase the offer, First Quantum has not increased its offer to date," Inmet said as the deadline loomed for its shareholders to vote on a hostile bid. The Inmet Board reiterates its recommendation that Inmet shareholders reject the First Quantum offer and do not tender their shares. Inmet owns Cobre Panama, a massive copper deposit that will be largest ever mining project in Central America. It will also be the biggest capital investment for Panama since it built the world famous canal to join the Pacific and Atlantic oceans.