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HBM vs. ETF Alternatives
HudBay Minerals, Inc., is a mining company producing copper concentrate and zinc metal. It discovers, produces and markets base and precious metals.
Country: United States
Monday, Apr 144:47 PM
Monday, Apr 144:47 PM| Comment!
- HudBay Minerals (HBM) attempts to strike down Augusta Resources' (AZC) shareholder rights plan, asking British Columbia's securities regulator to cease trade AZC’s poison pill so that its hostile takeover bid can proceed as planned.
- CEO David Garofalo says AZC's board has had more than enough time to study its alternatives after receiving HBM's hostile takeover bid.
- HBM is offering 0.315 of its shares for each AZC share, which gives the bid a value of slightly more than $400M, but AZC shares have traded well above the offer price as investors expect a higher bid.
Friday, Mar 2811:25 AM
Friday, Mar 2811:25 AM| Comment!
- Augusta Resource (AZC +3.2%) says nine parties, including "significant industry players," had expressed interest in the company in response to its strategic review process, as it tries to find a white knight bidder to fight off HudBay Minerals' (HBM +1.8%) hostile takeover bid.
- AZC says it will hold site visits to its Rosemont copper project, which is near construction, over the next few weeks.
- AZC also says it will hold a shareholder meeting May 9 to keep the poison pill put in place last year when HBM started building its stake in AZC.
Friday, Mar 144:59 PM
Friday, Mar 144:59 PM| 1 Comment
- HudBay Minerals (HBM) extends its hostile takeover bid for Augusta Resources (AZC) and drops its condition that shareholders holding at least two-thirds of the stock tender to the offer.
- AZC shareholders now have until 5 pm on April 2 to receive 0.315 of a HBM share for each of their shares.
- HBM says the bid, which AZC has rejected as inadequate, represents a 62% premium to the 20-day volume weighted average prices of the two issues prior to the offer.
Friday, Feb 2811:59 AM
Friday, Feb 2811:59 AM| 5 Comments
- HudBay Minerals (HBM +3.4%) CEO David Garofalo tears into the management at takeover target Augusta Resources (AZC +1.6%), calling the company "essentially insolvent" and warning that its shareholders were at risk without a quick wrap-up in permitting for its Rosemont copper project.
- AZC said this week that it expects to receive its final required permit for Rosemont in H1 of this year, while HBM contends the permitting process will take much longer and could cause serious liquidity problems, noting that a $109M loan comes due in July.
- AZC "really [has] no money, they have significant debt, and that debt is coming due very soon," Garofalo says, adding that two permits AZC has obtained are facing legal challenges, which could delay planned funding from Silver Wheaton (SLW).
Monday, Feb 248:59 AM
Monday, Feb 248:59 AM| 1 Comment
- Augusta Resource (AZC) asks shareholders to reject HudBay Minerals' (HBM) hostile offer to buy all AZC shares it doesn't already own, calling the offer "grossly inadequate" which fails to recognize the value of the Rosemont copper project.
- Rosemont is expected to be the third-largest U.S. copper mine and account for as much as 10% of U.S. copper output; AZC is expected to receive final approval to start work at Rosemont in a few weeks.
Wednesday, Feb 196:08 PM
Wednesday, Feb 129:59 AM
Wednesday, Feb 129:59 AM| 4 Comments
- Traders are lining up bets that Augusta Resource (AZC +2.3%) will win a higher offer than HudBay's (HBM +3.2%) recent unsolicited bid of C$2.96/share - ~C$540M including net debt -
- AZC’s Rosemont copper project in Arizona is large enough to attract other producers including OZ Minerals (OZMLF) and Teck Resources (TCK), Laurentian Bank of Canada says, estimates the company’s value is at least C$3.89/share based on similar deals.
- Freeport McMoRan (FCX) is another possible suitor with the financial strength to outbid HBM, according to National Bank Financial.
- “HudBay’s offer has little chance of success at its current valuation,” says a Toronto Dominion analyst.
Monday, Feb 107:57 AM
Monday, Feb 107:57 AM| 7 Comments
- HudBay Minerals (HBM) launches a $540M hostile takeover bid for Augusta Resources (AZC), seeking to gain access to AZC's Rosemont copper deposit in Arizona.
- HBM is offering to buy shares of AZC it does not already own for C$2.96/share in stock, an 18% premium over AZC’s Friday closing price in Toronto after shares jumped 25% on Thursday and Friday.
- HBM says AZC has “few financing options” remaining for Rosemont and would be in a much stronger position to develop the $1.2B project.
- Rosemont is expected to produce 243M lbs./year of copper, which could be as much as 10% of U.S. copper output.
Thursday, Jan 910:29 AM
Thursday, Jan 910:29 AM| Comment!
- HudBay Minerals (HBM -5.8%) says a syndicate of underwriters has agreed to purchase 18.2M common shares on a bought deal basis at C$8.25/share for aggregate gross proceeds of ~C$150M.
- HBM intends to use the net proceeds of the offering for general corporate purposes, including providing flexibility to pursue opportunities to advance its growth strategy.
Wednesday, Jan 82:59 PM
Wednesday, Jan 82:59 PM| 1 Comment
- In its 2014 production forecast, HudBay Minerals (HBM +1%) sees 2014 copper production of 41K-55K metric tons, zinc production of 87K-105K metric tons, and precious metals production of 101K-123K oz.
- HBM forecasts capital investment of ~$1B, including $904M in growth initiatives.
- Commercial production from the Reed mine expected in H1 2014 and commercial production from the main production shaft at the Lalor project expected to be declared in H2 2014.
Monday, Nov 112013, 6:45 AM|Monday, Nov 112013, 6:45 AM| Comment!
Thursday, Sep 192013, 9:28 AM|Thursday, Sep 192013, 9:28 AM| Comment!
Thursday, Aug 12013, 12:24 AM|Thursday, Aug 12013, 12:24 AM| Comment!
Monday, Jul 82013, 6:06 PMBase metal stocks have been hammered on China's weakening outlook, and Dundee Securities thinks there's worse to come, as another 15% drop in prices would cause "significant" distress for many miners. The firm downgraded 17 of them today, including Thompson Creek (TC) and HudBay (HBM), and upgraded only Teck Resources (TCK), to Buy thanks to its strong balance sheet as proof it can weather the storm. |Monday, Jul 82013, 6:06 PM| 9 Comments
Thursday, May 22013, 5:53 AM
Wednesday, Feb 202013, 7:07 PM