5. Augusta Resource (AZC) acquires, explores and develops natural mineral resource properties. The company's material property is the Rosemont copper property located in Arizona. Primarily a copper mining project, the Rosemont property also has appreciable amounts of molybdenum and silver by-products. Rosemont is expected to produce 221 million pounds of copper per year, accounting for almost 10% of U.S. copper output.
Canada-based base metals miner, Hudbay Minerals, has raised its stake in Augusta Resource to 14.3% through the purchase of 5.4 million shares for $21.9 million. Overall, Hudbay now holds 20.2 million shares of Augusta from the earlier 14.8 million. The acquisition was mainly to fund Augusta to develop its Rosemont copper-molybdenum project.
A Toronto-based firm is reportedly raising its investment in Rosemont mine to $51 million from the earlier $30 million. Silver Wheaton paid Augusta $230 million to acquire 100% of the life of mine silver and gold production from Augusta's Rosemont copper project in Arizona, which increased attributable reserves of Silver Wheaton by approximately 7%.All six analysts covering the stock rate it a buy. Analysts polled by Bloomberg foresee it gaining an average of 36%, to $6.79, in the coming 12 months.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV