NEWS
Copper   Lead and Zinc  

Hudbay Minerals investor Waterton seeks to replace CEO, board

Hudbay Minerals’ (TSE, NYSE: HBM) second-largest investor, Waterton Global Resource Management, is seeking to oust the Canadian miner’s chief executive officer and overhaul its board.

The private-equity firm, which holds about 12% of Hudbay, wants to replace eight of the board’s 10 members with its own nominees and, as part of its plan, wants former Nevsun Resources CEO, Peter Kukielski, to lead the Toronto-based mining company. It also wants Richard Nesbitt former CEO of the Canadian Imperial Bank of Commerce, to become Hudbay Minerals’ chairman.

The proposed names will replace current Hudbay’s boss Alan Hair and chairman Alan Hibben, both of whom Waterton blames for the company’s underperformance.

“Hudbay suffers from a culture of entrenchment,” Isser Elishis, Waterton’s chief investment officer, said in a letter to shareholders. “We believe that the company’s board must evolve in order to meaningfully hold management to account.”

Waterton first complained about Hudbay’s decisions last year, when it learned the company was planning to acquire competitors and warned that transactions like that could “adversely impact shareholders, the company's balance sheet, and/or the company's ability to effectively progress its current portfolio of assets.

Hudbay Minerals’ shares have lost more than 40% of its value in the past year, but were trading about 2.6% higher in both the Toronto and New York exchanges at around noon.

The company mines for zinc and copper, primarily in Canada’s Manitoba province, but it also has operations in Peru and Arizona.

News No: 3291
Date: 2019/01/16 - 22:57
News Source: MINING.COM

Hudbay Minerals  Waterton  Canadian miner  zinc  copper 

Comments:

Leave a Comment:

   
   
   
 

Rio Tinto breaks ground at Madison copper-gold project in Montana

Rio Tinto’s (ASX, LON: RIO) subsidiary Kennecott Exploration has kicked off its drilling campaign at Broadway Gold Mining’s Madison copper-gold project, located in the Butte region of Montana, US.
 

SolGold shares soar after Ecuador court dismisses call for referendum on mining

Shares in Ecuador-focused SolGold (LON, TSX:SOLG) jumped on Friday, after it announced that the country’s Constitutional Court had rejected calls for a referendum on mining in Imbabura, the province in which the company’s flagship Cascabel copper-gold project is located.
 

Chile’s Codelco has already lost $17.5 million on Chuquicamata strike

Chile’s Codelco, the world’s largest copper producer, has already lost $17.5 million due to an ongoing strike at its Chuquicamata copper mine, its largest operation, as the labour action enters week two.
 

50% Decline in Iran Lead, Zinc Ore Extractions

Major Iranian lead and zinc producers extracted 129,172 tons of ores during the first two Iranian months (March 21-May 21), which indicate a 50% fall in production compared with last year’s corresponding period, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report shows.
 

Camino Minerals allowed to expand drilling in southern Peru

The Peruvian Ministry of Energy and Mines approved a permit related to Camino Minerals' (TSXV: COR) environmental impact assessment for the Chapitos copper-gold project.
 

Scientists produce gold, silver, copper foams

Scientists at the US Lawrence Livermore National Laboratory created ultra-low density gold, silver and copper foams to give physicists better X-ray sources to employ in experiments at the National Ignition Facility.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners