Toronto-headquartered Hudbay Minerals has set February 28 for a special meeting of the company’s shareholders to consider an advisory resolution requisitioned by Waterton Global Resource Management.
Waterton, a 7% shareholder of Hudbay, in October requested changes to Hudbay’s board, citing the company’s “atrocious market performance” and called for the special shareholders meeting. The shareholder also wants Hudbay to avoid near-term acquisitions or joint ventures.
Hudbay stated on Tuesday that members of its board had met with Waterton to discuss their concerns.
On November 1, Hudbay announced the acquisition of the Mason Ann copper project, in Nevada, for C$31-million, despite Waterton’s request for a moratorium on acquisitions.