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David Garofalo, CEO of HudBay Minerals
David Garofalo, CEO of HudBay Minerals

HudBay CEO disputes Augusta’s claims of rival bidders

HudBay Minerals Inc. is asking Canadian regulators to get rid of Augusta Resource Corp.’s defense plan so that it can acquire Augusta’s copper project in Arizona.

HudBay already owns a 16 per cent stake in Augusta. But the Toronto-based company is blocked from acquiring more shares because Augusta adopted a shareholder rights plan, also known as a poison pill, when it found out HudBay had accumulated such a large position.