On Tuesday, Bloomberg News reported that Canadian mining analysts generally think Hudbay Minerals' takeover offer for Rosemont Mine owner Augusta Resource Corp. was too low.

“The market expects that this may be the initial offer and Augusta could negotiate better terms,” Shane Nagle, a Toronto-based analyst at National Bank, was quoted bv Bloomberg as saying in a phone interview. “It’s a high-quality asset. There is room certainly to sweeten the offer.”

Nagle was also quoted as saying that Augusta also may appeal to Phoenix, Arizona-based Freeport-McMoRan, a $33 billion natural-resource conglomerate far bigger than Hudbay.Freeport declined comment on that report, said Bloomberg.