Based on Friday's closing price, HudBay is offering to pay $2.96 per share for all the shares in Augusta it does not own.

While seeing some potential M&A activity in the mining sector once again is exciting (Goldcorp is trying to swallow Osisko in another scenario), these are opportunistic moves. Augusta traded for more than $6 per share as recently as 2011.

Goldcorp is offering $5.95/share, but OSK traded for nearly $16 per share in 2010.

These are hostile bids, mind you. Since Teck and CUU share a much more chummy relationship, I believe Teck's been making its "hostile" bids for Schaft Creek behind the scenes, but EE hasn't sold on the cheap so far. Let's hope he holds out for a number that satisifies the vast majority of us.