The Board of Directors for Augusta Resources is urging shareholders to reject the unsolicited take over bid by mining company Hudbay.
On a Monday morning conference call with shareholders, financial analysts, and the media, Augusta President and CEO Gil Clausen called the Hudbay bid “opportunistic” and “financially inadequate.”
Clausen went on to say, “Rosemont is a high quality world class asset, we will not let Hudbay steal this asset with this lowball bid.”
If Hudbay’s take over bid is successful, it is not known how that would effect the prospect for opening the proposed Rosemont mine.
Clausen said he expects the final permits needed for Rosemont to be granted in the coming months. Augusta is expecting to begin active mining at Rosemont in early 2017.