September 14, 2009 / 1:59 PM / in 8 years

UPDATE 1-Inmet ends stake sale talks with Kores

* Says talks on sale of minority stake have ended

* Inmet shares down slightly in early trade

TORONTO, Sept 14 (Reuters) - Canada’s Inmet Mining Corp IMN.TO said on Monday it has ended talks with Korea Resources Corp (Kores) on selling Kores a minority stake in Inmet and offering it an option to invest in Inmet’s copper project in Panama.

Last week, Inmet denied media reports that it had agreed to sell a stake to Kores, but said the two sides have been in talks. [ID:nSEO206423]

South Korea’s state-run Kores also confirmed last week that it was in talks to buy a stake in Inmet, which produces copper, zinc and gold and has operations in Turkey, Spain, Finland, Canada, Panama and Papua New Guinea. [ID:nSEO275155]

Inmet, at the time, said it had entered into a strategic alliance with Kores under which the two companies will establish a protocol to pursue common interests.

Toronto-based Inmet said it will endeavor to continue its relationship with Kores through the recently executed alliance agreement.

Inmet shares were down 38 Canadian cents at C$58.30 in early trade on the Toronto Stock Exchange.

$1=$1.08 Canadian Reporting by Euan Rocha; editing by Peter Galloway

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