Augusta Resource reports review process in response to Hudbay Minerals offer Augusta Resource (AZC) provided an update on its strategic review process, and on its permitting, and project financing, on track for completion in Q2 and Q3, respectively. The strategic review process initiated by Augusta in response to the unsolicited offer from HudBay Minerals (HBM) continues to be active with ten signed confidentiality agreements related to the current process. Potential bidders remain actively engaged in due diligence and ongoing management discussions. Five site tours with detailed management meetings have been conducted or are scheduled to be completed by the end of this week. Augusta is in the final stages for the two outstanding federal regulatory approvals required to commence construction at its Rosemont Copper Project. Precursors to both of these approvals have been completed and submittals are pending with the agencies for action. Significant progress has been made towards the completion of the project financing debt facility for the construction of Rosemont. The lender group, Augusta and its financial and legal advisors are on track for completing the project financing process in Q3.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: AMAG Pharmaceuticals (AMAG) upgraded to Outperform at FBR Capital... Addus HomeCare (ADUS) upgraded to Outperform from Perform at Oppenheimer... Alcoa (AA) upgraded at BofA/Merrill... Ashford Hospitality Prime (AHP) upgraded to Outperform from at FBR Capital... Associated British Foods (ASBFY) upgraded to Outperform from Neutral at Credit Suisse... CSC (CSC) upgraded at Raymond James... Century Aluminum (CENX) upgraded to Buy from Neutral at BofA/Merrill... Dominion Diamond (DDC) upgraded to Overweight from Equal Weight at Barclays... Flagstar Bancorp (FBC) upgraded to Neutral from Sell at BTIG... Freeport McMoRan (FCX) upgraded to Buy from Neutral at BofA/Merrill... Hudbay Minerals (HBM) upgraded to Buy from Neutral at BofA/Merrill... ICU Medical (ICUI) upgraded at Raymond James... Lockheed Martin (LMT) upgraded at Stifel... Mellanox (MLNX) upgraded to Overweight from Neutral at Piper Jaffray... NiSource (NI) upgraded to Outperform from Neutral at Credit Suisse... Northwest Bancshares (NWBI) upgraded to Outperform at Boenning & Scattergood... NuVasive (NUVA) upgraded to Buy from Hold at Brean Capital... Patterson-UTI Energy (PTEN) upgraded to Equal Weight at Morgan Stanley... Raytheon (RTN) upgraded at Stifel... Royal Dutch Shell (RDS.A) upgraded to Outperform from Market Perform at Bernstein... Seventy Seven Energy (SSE) upgraded to Buy from Hold at Jefferies... TIBCO (TIBX) upgraded to Equal Weight from Underweight at Barclays... Taseko Mines (TGB) upgraded to Neutral from Underperform at BofA/Merrill... Teekay (TK) upgraded to Buy from Hold at Deutsche Bank... Toyota (TM) upgraded to Overweight from Neutral at JPMorgan.