10:28:39 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Hudbay Minerals Inc
Symbol HBM
Shares Issued 261,272,151
Close 2018-10-23 C$ 5.34
Market Cap C$ 1,395,193,286
Recent Sedar Documents

Hudbay grumbles about Waterton's "abrupt" requisition

2018-10-23 17:34 ET - News Release

Ms. Carla Nawrocki reports

HUDBAY RECEIVES SHAREHOLDER MEETING REQUISITION

Hudbay Minerals Inc. investor Waterton Global Resource Management, Inc., on behalf of certain funds managed by it, has requisitioned a special meeting of the company's shareholders for the purposes of considering an advisory resolution with respect to certain potential transactions. The company's board of directors will review the requisition and respond in due course.

The board welcomes constructive engagement with all shareholders. Hudbay management had an initial meeting with Waterton, a relatively recent shareholder, on Aug. 31, 2018. Hudbay did not hear from Waterton again until Oct. 3, shortly before Waterton publicly released a letter to the board. Last week, Waterton disclosed its ownership position in a regulatory filing with the United States Securities and Exchange Commission, demanded that the company declare a moratorium on material acquisitions and requested to meet with members of the board. The chair of the board responded promptly to this request and indicated that, while it was not appropriate for the company to comply with the moratorium demand, he, along with certain other members of the board, would be pleased to meet with Waterton. The chair proposed Nov. 1 or Nov. 2, immediately following the release of the company's third quarter results, as potential meeting dates. The meeting between Waterton and certain board members has been scheduled for Nov. 1. Despite this imminent meeting, Waterton delivered its requisition earlier today.

Hudbay remains open to maintaining a dialogue with Waterton and is disappointed with its abrupt decision to initiate what could be an expensive and distracting proxy contest which appears to be aimed principally at providing Waterton with a platform to reiterate the views that it has already clearly communicated publicly and to the board.

Hudbay has world-class assets and believes that there are a number of near-term catalysts that could materially increase the value of the company. The leadership team continues to focus on developing and operating the company's portfolio of high-quality assets in safe jurisdictions.

Hudbay has demonstrated its record of execution though the construction of Constancia and Lalor and the company's success in continuing to optimize Constancia. The board remains committed to its disciplined approach to driving long-term and sustainable value creation, in the best interests of the company and all of its shareholders.

About Hudbay Minerals Inc.

Hudbay is an integrated mining company producing copper concentrate (containing copper, gold and silver) and zinc metal. With assets in North and South America, the company is focused on the discovery, production and marketing of base and precious metals. Through its subsidiaries, Hudbay owns four polymetallic mines, four ore concentrators and a zinc production facility in Northern Manitoba and Saskatchewan and Cusco (Peru), and a copper project in Arizona.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.