TORONTO (miningweekly.com) – Canadian base-metals miner Inmet Mining has terminated talks with Korea Resources and another unnamed party on a potential investment in Inmet, the firm said on Monday.

Discussions were held “concerning a potential transaction under which the other party would have, with financial support from Korea Resources, acquired a minority equity interest in Inmet”, the company said.

An option to invest in the Inmet subsidiary that owns the Petaquilla copper project, in Panama (now referred to as the Mina de Cobre Panama asset) was also discussed.

“While Inmet and Korea Resources will endeavour to continue their relationship through their recently executed alliance agreement, they, together with the other party, have decided at this time to terminate their discussions concerning the potential transaction,” the firm said in a statement.

Inmet said last week it would enter into a “strategic alliance agreement” with Korea Resources, which will establish a way forward for future cooperation between the two companies in the mining industry.

Inmet has base metals and gold mines in Spain, Turkey, Finland and Canada, as well as a stake in the Ok Tedi mine, in Papua New Guinea.

First production at the Mina de Cobre project is targeted for 2014.

Inmet shares slid 3,3% on Monday morning, to C$56,75 apiece by 10:32 in Toronto.

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