Hudbay Minerals extends offer to acquire shares of Augusta HudBay Minerals announced that it has extended its offer to acquire all of the outstanding common shares of Augusta Resource Corporation not already owned by Hudbay for consideration per Augusta Share of 0.315 of a Hudbay common share until 5:00 p.m. Toronto time on June 9. Hudbay continues to evaluate the implications of ongoing developments with respect to Augusta's applications for permits required for the Rosemont project. On May 23, the U.S. Forest Service, USFS, issued a news release disclosing that it was requesting the U.S. Fish and Wildlife Service re-initiate the formal consultation process on the Rosemont project. The USFS has stated that the Record of Decision for the Rosemont project will not be signed until the consultation process is complete and a new biological opinion is issued.
Hudbay Minerals downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Hudbay Minerals to Neutral from Buy. The firm lowered Hudbay Minerals free cash flow estimates and price target to $9.60 from $12 following a reduction in copper and Brent oil price forecasts and said it does not expect a recovery until 2017.