Hudbay Minerals (TSX: HBM; NYSE: HBM) is extending its hostile takeover offer for Augusta Resource Corp. (TSX: AZC) to May 16 from May 5 and says it’s digesting news released late last week of permitting delays at Augusta’s Rosemont copper-molybdenum project in Tucson, Arizona.
Augusta notified shareholders on May 1 that the U.S. Forest Service has said that it needs more time to review 100 comments from the objection review process that the agency completed on April 30. Augusta noted that the USFS says an update on the schedule for the Record of Decision is expected by the end of May.
Separately, the Army Corps of Engineers has said there is a shortfall between the mitigation plan proposed in April and the mitigation required to fully offset impacts to waters of the U.S. associated with the project.
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