The U.S. Securities and Exchange Commission Wednesday filed illegal insider trading charges against a former Hudbay Minerals Inc. senior executive based in Peru in connection with Hudbay’s 2014 acquisition of Augusta Resource Corp. and its Arizona-based Rosemont Copper Company subsidiary.
“The SEC alleges that Nino Coppero del Valle…tipped his close friend and fellow attorney Julio Antonio Castro Roca with material nonpublic information about a tender offer his company submitted to acquire the shares of (Vancouver, B.C.)-based Augusta,” a Sept. 28 SEC press release states.
Hudbay initiated a hostile takeover of Augusta in February 2014 and eventually acquired Augusta in July 2014. Hudbay is now seeking state and federal permits to construct the Rosemont copper mine in the Santa Rita Mountains on the Coronado National Forest southeast of Tucson.
Coppero was Hudbay’s director of corporate affairs and social responsibility for Hudbay’s Peruvian operations between March 2011 and September 2014, according to Coppero’s Linkedin profile. Continue reading