November 22, 2024 4:10 pm
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Hudbay takeover will give Rosemont more financial clout

HudbayBy Tony Davis | Arizona Daily Star

The proposed $1.2 billion Rosemont Mine now has a lot more financial heft to deal with permitting issues standing between it and the start of construction.

An agreement for a friendly takeover of mine site owner Augusta Resource Corp. by Hudbay Minerals Inc., announced Monday, will put the mine project in the hands of a much larger company. Toronto-based Hudbay has more than 100 times more cash on hand — $764 million — and more than 10 times more total assets — $4.4 billion — than Augusta.

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