HudBay Minerals (TSX:HBM, Stock Forum), a Toronto-based mining firm engaged in producing copper concentrate and zinc metal, announced that the company was extending its offer to acquire all of the outstanding common shares of Augusta Resource not already held by the company.
According to the news release, the company is evaluating the impacts of ongoing developments regarding Augusta’s applications for permits necessary for the advancement of the Rosemont project.
The release also went on to note that the US Forest Service (“USFS”) had issued news on May 23, 2014, that the agency had requested the US Fish and Wildlife Service re-initiate the formal consultation process on Rosemont as the USFS would not sign the Record of Decision for Rosemont until such consultation had been complete and a new biological opinion issued.
HudBay’s offer still stands with each shareholder of Augusta being entitled to 0.315 of a HudBay common share for each Augusta common share held.
HudBay was in the news recently when the company previously extended its offer for Augusta eleven days ago.
Shares were down 2.55% by the end of trading on the 27th to $10.31 per share.
Currently there are 193.0m outstanding shares with a market cap of $2.0 billion