Inmet Mining Corp. (TSX: T.IMN, Stock Forum) briefly hit $74 on Monday before closing at $72.85, for an increase of 4.3%.
On Dec. 16, First Quantum Minerals Ltd. (TSX: T.FM, Stock Forum) announced its intention to make an unsolicited takeover offer for Inmet.
The copper-focused company owns and operates mining operations in Turkey, Finland and Spain and has a development project in Panama.
Active operations include the Cayeli, an underground copper and zinc mine in northeastern Turkey, Las Cruses, an open-pit copper mine in southern Spain and Pyasalmi, an underground copper and zinc mine in central Finland.
Also, the development project, Cobre Panama, will become an open-pit copper mine.
According to Inmet, the First Quantum offer has not yet been received by Inmet and Inmet shareholders are being advised to take no action at this time.
The second company to make the 52-week-high list was Polaris Minerals Corp. (TSX: T.PLS, Stock Forum). The stock hit a new peak of $1.12 Monday before closing at $1.11, up 11%.
The company operates in a single segment, which is the development and operation of construction aggregate properties and projects in North America.
Polaris’ construction interests consist of an 88% ownership in the Orca Sand and Gravel Quarry, a 70% ownership in the Richmond Terminal in California, which receives and distributes the Orca products, and a 70% ownership in the Eagle Rock Quarry Project.
In addition, the company has certain rights to property in the Port of Long Beach, California, which it intends to develop in the future as a receiving terminal in order to access the Los Angeles area market.
On Dec 3, 2012 the company sold its jointly owned freehold land on Pier B in the port of Long Beach, California.
Net cash receipts of $12.4 million will be used to reduce outstanding debt by $5 million, pay deferred interest, and for general working capital purposes.
The company also entered into a three-year-supply agreement with a new customer, commencing during the first quarter of next year.