First Quantum Minerals Ltd president Clive Newall said that they could possibly extend its bid worth C$5.1 billion for rival Inmet Mining Corp., people familiar with the matter said.

According to sources, Newall addressed investors at the recent BMO Metals & Mining conference held in Hollywood, Florida by saying that the company may need to extend the bid slightly as it hopes to fix a number of regulatory challenges.

In January, Inmet described the First Quantum's offer inadequate, calling its shareholders to reject the bid. The metal miner said that it was negotiating with third parties to look for alternative deals.

However, First Quantum's offer has already received support from Leucadia National Corp., the largest shareholder of Inment, whose stake is worth 16% according to Thomson Reuters.

It is expected that if First Quantum will be successful with its bid, it would decrease its dependence on sites in Africa, notably Zambia, since it would take over the Cobre Panama project in the Central American Republic of Panama, which has one of the largest undeveloped copper deposits in the world.