Hudbay Minerals Inc.
Hudbay Minerals Inc.
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Commercial production from HudBay Minerals’ Contancia Copper Project in Peru is expected to lift FY/CY2015 copper production more than 270% over 2014 levels to 140,000t-175,000t.
With Hudbay’s big Constancia mine in Peru on stream, the company is looking at copper production levels up to 175,000t in FY2015. By MBM’s North American correspondent
Miner HudBay Minerals has posted an after tax profit of $C22.28M for the 1st 9 months of FY/CY 2014 qtr (Q3 2014), compared to the $47.79M loss in the previous year period.
The result was on YTD revenue of $431.5M, $50.8M higher than 2013, primarily as a result of higher copper sales and higher realized zinc, gold and silver prices, partially offset by lower zinc, gold and silver sales and lower realized copper prices.
Diversified Canadian base metals miner HudBay Minerals has completed its $C555M takeover of Augusta Resource Corp and its prime Rosemont copper project in Arizona, US, after agreement by both shareholder groups.
Under the terms of an increased offer Augusta shareholders will receive 0.17 share warrants for each Augusta share in addition to the original offer of 0.315-for-1 share.
Augusta Resource Corp has agreed to a revised offer by HudBay Minerals for the 84% of shares it does not already own after the diversified Canadian base metals miner raised its offer by about 20%.
Augusta has accepted a revised all-scrip takeover offer from HudBay Minerals equivalent to $3.56 per share. Hudbay currently holds about 16% of the target company.
Its previous offer, equivalent to about $2.96ps, was rebuffed by Augusta. The aim for Hudbay is to gain control of Augusta’s Rosemont copper project in the US. Reuters
Augusta has been given until July 15 to find a white knight to defeat the “grossly inadequate” bid for the company by Canadian base metals major Hudbay.
However, the decision by British Columbia Securities Commission keeps the door open for Hudbay to push its case once Augusta’s “poison pill” shareholder rights plan expires. Reuters
Canadian regulators have given Augusta Resources more time to find a white knight to foil the bid by hostile bidder Hudbay Minerals. Allison Martell reports
Augusta Resources shareholders overwhelmingly voted to keep a “poison pill” shareholder rights plan in place to block HudBay Minerals’ hostile bid for the company and its Rosemont copper project
Augusta shareholders voted by 94% to keep a “poison pill” shareholder rights plan in place, seeking to block HudBay Minerals’ hostile bid for the company and its Rosemont copper project in Arizona, USA.
Hudbay’s all-scrip offer, equivalent to $C3.04 per Augusta share, is due to expire on Monday. Reuters