Canadian base metal miner HudBay Minerals Inc said it plans to purchase exploration company Augusta Resource Corp in a bid to gain control of its Rosemont project in Arizona, an asset widely viewed as one of the most promising copper projects in the United States.The strategically timed bid, announced late Sunday, comes just weeks before Augusta is expected to receive final approvals that would allow it to begin development and construction work on the asset that could account for as much as 10 percent of U.S. copper output, making Rosemont the third largest copper mine in the country.Rosemont, located some 50 kilometers (31 miles) southeast of Tucson, is expected to begin operations in 2016 and produce 243 million pounds of copper, along with about 2.9 million ounces of silver and 5.4 million pounds of molybdenum, annually.The $1.2 billion project is set to become the No. 3 copper mine in the United States, behind Freeport-McMoRan Copper & Gold Inc's Morenci mine in Arizona and Rio Tinto's Bingham Canyon Mine in Utah.
Augusta Resource Corporation (Augusta) is engaged in the acquisition, exploration and development of natural mineral resource properties. Shares of AZC traded higher by 25.89% or $0.5904/share to $2.87. 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 2163851.
Augusta Resource Corporation (Augusta) is engaged in the acquisition, exploration and development of natural mineral resource properties. Shares of AZC traded higher by 26.29% or $0.66/share to $3.17. 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 3202632.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM fell by 6.6% or $-0.56/share to $7.92. 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 35432.
HudBay Minerals Inc. (HudBay) is an integrated mining company. Shares of HBM fell by 7.13% or $-0.67/share to $8.73. 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 889132.
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