|Day Low/High||2.91 / 3.07|
|52 Wk Low/High||0.45 / 3.82|
TheStreet highlights 3 stocks that pushed the Metals & Mining industry
TheStreet highlights 3 stocks that pushed the Basic Materials sector
Augusta Resource (AZC) stock is higher after HudBay Minerals (HBM) raised its takeover offer to buy all of the outstanding common shares of the company that it doesn't already own.
Augusta Resources said it will meet this week regarding a $375 million offer from Hudbay Minerals to acquire the mining company.
Augusta Resources (AZC) soars Monday morning after the base metals company announced that its board of directors would meet to discuss HudBay's press release in which it announced its intention to acquire all the common shares of Augusta that it does not already own. HudBay issued a press release on Sunday to announce that it would issue an offer of C$2.96 per share; the company values Augusta at approximately C$540 million on a fully diluted in-the-money basis. HudBay highlighted its plan to add Augusta's Rosemont project (located in Pima County, Arizona), which could produce 243 million pounds of copper per year. If it does, then this could account for 10% of U.S. copper output, which would make Rosemont the third-largest copper mine in the country. HudBay currently owns 23,058,585 shares of Augusta.
In trading on Wednesday, shares of Augusta Resource Corp entered into oversold territory, changing hands as low as $1.73 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100.