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South Korea's state-run Korea Resources Corp., or Kores, is in talks to buy a stake in Canadian mining company Inmet Mining Corp. (IMN.T), a person familiar with the matter said Thursday.
"Kores hopes to sign the contract within this month but nothing is decided yet," the person who declined to be identified told Dow Jones Newswires by phone.
On Wednesday, the Maeil Business Newspaper reported Kores had purchased a 13% stake in Inmet Mining for $363 million and an option in Inmet's Petaquilla copper project in Panama.
The Canadian miner said Wednesday it will enter a strategic alliance with Kores, but denied Kores will buy a 13% stake.
The terms of the alliance have not been finalized, and criteria for any shared initiatives has yet to be agreed upon, Inmet said in a statement.
-By Kyong-Ae Choi, Dow Jones Newswires; 822-2198-2236; kyong-ae.choi@dowjones.com
(END) Dow Jones Newswires
09-09-09 2222ET
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