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Digging overseas: Temasek grabs stake deal with Canadian miner
Subsidiary Ellington Investments closed the $510 million exchange with Inmet Mining to give the state investor approximately 11 percent stake.
Ellington has exchanged the said amount in previously issued subscription receipts for about 7.78 million Inmet common shares, according to Reuters.
The number of issued and outstanding Inmet common shares is now up to 69.3 million following the closing of the deal.
Proceeds from the sale will fund the development of the Toronto-based company's Cobre Panama copper-gold project.
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