Canada-based mining company First Quantum Minerals has acquired majority stake of 85.5% in Inmet Mining Corporation in a deal worth CAD5bn ($4.88bn).

Through the acquisition, the company has acquired ownership over Inmet’s Cobre Panama and operating mines at Las Cruces in Spain, Çayeli in Turkey and Pyhäsalmi in Finland.

First Quantum chairman and CEO Philip Pascall stated that the acquisition is a significant step in its objective of geological diversification.

"We are now focused on turning the vision into reality by putting together the great strengths of both companies – their high-quality mining assets and their equally high-quality human resources – to create a new global leader in copper with a far broader and more geographically diversified and dynamic portfolio of operating and development assets than either company on a standalone basis," explained Pascall.

Following this acquisition, the company has outlined its plans to raise its copper production to more than 1.3 million tonnes per annum by 2018.

In addition, it expects to gross 2013 revenues in excess of $3.5bn.