Hudbay Minerals is extending its offer to acquire all of the outstanding common shares of Augusta Resource Corporation not already owned by Hudbay. The offer will now be open for acceptance until 5 pm on May 5th. Augusta is a base metal company focused on advancing the Rosemont Copper project in Tucson, Arizona.
Hudbay President and CEO David Garofalo says despite Augusta having discussed the Rosemont project with interested parties since 2010 and 50 days having elapsed since Hudbay announced their intention to make their offer, Augusta has been unable to present its shareholders with a superior alternative to Hudbay’s bid.
Garofalo says Hudbay believes that the offer represents full and fair value and is the best alternative available to Augusta shareholders.