Hudbay chairperson Alan Hubben
The board of TSX- and NYSE-listed miner Hudbay has expressed its disappointment at the special shareholders meeting called by private equity firm Waterton Global Resource Management, which on Tuesday delivered its requisition.
In a statement, Hudbay said that the requisition was delivered despite chairperson Alan Hubben and other board members scheduling a meeting with Waterton for November 1.
“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,” the company stated.
Waterton, which has a 7% stake in Hudbay, requested a meeting of shareholders after Hudbay refused its proposal for changes to its board. The private equity firm also wants Hudbay to avoid any near-term acquisition or joint venture.
In response to speculation that Hudbay is considering buying Mantos Copper, the company said early this month that its strategy included growth options, such as acquisitions, without denying the Bloomberg article which stated that it was in talks to buy the Chilean miner for C$1-billion.
Hudbay produces copper concentrate, containing copper, gold and silver, and zinc metal at mines in North and South America. Through its subsidiaries, Hudbay owns four polymetallic mines, four ore concentrators and a zinc production facility in Canda and Peru, as well as a copper project in the US.