Canada's HudBay Minerals Inc has offered to purchase shares of Augusta Resource Corp it does not already own for C$2.96 per share in stock, to gain access to Augusta's Rosemont copper deposit in Arizona. According to a 2012 feasibility study, Augusta's Rosemont project is expected to produce 243 million pounds of copper per year, which could be as much as 10 percent of United States' copper output, potentially making the project the third largest copper mine in the country.Augusta shareholders will be entitled to receive 0.315 of HudBay common share for each Augusta common share held, giving the deal an equity value of about C$428 million ($386.91 million). HudBay said the enterprise value of the deal could be about C$540 million.The per share offer represents a premium of 18 percent over Augusta's Friday closing price of C$2.51 on the Toronto Stock Exchange."We view the Rosemont project as an attractive complement to our existing portfolio of high quality, long-life assets that fits well with our construction timeline at Constancia," HudBay's Chief Executive David Garofalo said in a statement.
Augusta Resource Corporation (Augusta) is engaged in the acquisition, exploration and development of natural mineral resource properties. Shares of AZC traded higher by 16.92% or $0.33/share to $2.28. In the past year, the shares have traded as low as $0.45 and as high as $2.85. On average, 318065 shares of AZC exchange hands on a given day and today's volume is recorded at 952197.
Augusta Resource Corporation (Augusta) is engaged in the acquisition, exploration and development of natural mineral resource properties. Shares of AZC traded higher by 14.61% or $0.32/share to $2.51. In the past year, the shares have traded as low as $0.48 and as high as $2.87. On average, 241190 shares of AZC.TO exchange hands on a given day and today's volume is recorded at 303961.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM traded higher by 4.05% or $0.33/share to $8.48. In the past year, the shares have traded as low as $5.78 and as high as $11.12. On average, 29313 shares of HBM exchange hands on a given day and today's volume is recorded at 74829.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM traded higher by 4.21% or $0.38/share to $9.40. In the past year, the shares have traded as low as $6.02 and as high as $11.26. On average, 668906 shares of HBM.TO exchange hands on a given day and today's volume is recorded at 754215.
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