As quoted in the press release:
“We saw our share price rise significantly in the week after the Hudbay-Augusta bid was announced,” stated Dale Corman, mining industry veteran and Chairman of Western Copper and Gold (TSX:WRN) (NYSE MKT:WRN). “Negativity had swung the pendulum too far and is now correcting, as investors pay more attention to copper supply issues and look for companies with large deposits, cash and that are closer to production.”
The market after these bids helped lift some good quality junior stocks such as WRN that the market had been ignoring for some time. Adding to the compelling picture for copper companies is the fact that Augusta is close to the end of its permitting process, which was likely a major factor in the bid timing.