Hudbay Minerals Inc.
Hudbay Minerals Inc.
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Prominent proxy advisors Glass Lewis and International Shareholder Services have taken opposite positions on moves to remove a shareholder plan that is part of Augusta Resources’ defence against the hostile takeover bid from Hudbay Minerals.
Augusta shareholders vote on May 2 whether to retain the “poison pill” plan, three days before Hudbay’s $C428M bid expires. Reuters
Mine-MARKETS:
Two prominent proxy advisers have split on Augusta Resource Corp's plan to use a 'poison pill' shareholder rights plan to thwart Hudbay's hostile takeover bid. Allison Martell and Euan Rocha report
Takeover target Augusta Resource has welcomed the support of leading independent proxy advisor Glass Lewis as it seeks to bolster shareholder backing to defeat the hostile bid by Hudbay Minerals.
9 companies are now going over Augusta Resources’ books after last month’s Hudbay takeover bid aimed at the $1.2B Rosemount copper project in the US
A big reserve lift for Hudbay’s $1.7B Constancia Copper Project, set for production late 2014, is responsible for the company’s 7.4% reserve increase.
Canadian base-precious metals producer HudBay Minerals has launched an all-scrip, $C428M bid for Augusta Resource Corp and its big US Rosemont Copper Project, valuing the target at about $540M.
Hudbay Minerals’ all scrip bid for Augusta Resource Corp is about its $1.2B Rosement Copper Project, potentially the 3rd largest copper mine in the US. Mark Mentiplay reports
US explorer Aquila Resources has acquired 100% of the Back Forty polymetallic project in Michigan's Upper Peninsula, US, after securing J/V partner Canadian miner HudBay Minerals 51%.
Aquila has also completed the 1-for-1 all scrip takeover of REBgold Corp and its stake in the Back Forty property, which has measured/indicated resources of 15.1Mt for 987,236oz gold, 11.91Moz silver, 1.02Blb zinc, 74.3Mlb lead and 110.4Mlb copper.
HudBay Minerals predicts a 60% increase in copper plus higher zinc and precious metals output in 2014 as it achieves production milestones at its Reed and Lalor underground project in Canada and Constancia in Peru during the year.
The Canadian diversified miner is forecasting contained metal in concentrate production for the 12 months to December 2014 of 41,000-55,000t copper (2013: 29,930t), zinc 87,000-105,000t (86,527t) and gold-silver 101,000-123,000oz (91,258oz).
Increased spending on Glencore Xstrata’s Las Bambas and Tintaya copper projects helped lift mining investment in Peru by 15% year-on-year to $US5.9B in the first eight months of 2012.
Glencore lifted its expenditure at Las Bambas by 99% for the January –August 2013 period to $1.12B, while Tintaya investment rose 56% to $386M, Andina reported.
Freeport McMoRan spending at the Cerro Verde copper mine grew 75% to R619M.