Toronto-based private-equity firm Waterton Global Resource Management is launching a proxy fight with Hudbay Minerals, pushing to overhaul the board and oust its chief executive over alleged "mismanagement."
Hudbay Minerals Mining News
The deal closed for C$31 million.
Up to 900 jobs will be eliminated.
The miner has bought Mason Resources despite shareholder Waterton previously requesting a moratorium on any near-term acquisitions.
Private equity firm Waterton Global Resource Management, which now owns about 7 percent of Hudbay, called meeting after the Canadian base and precious metals refused a proposal for board changes.
Waterton Global Resource Management has expressed its concerns to Hudbay Chairman Alan Hibben, telling him that it would reserve the right to do anything it deemed necessary to improve the company’s performance, said sources.
The Chilean miner has been seeking a buyer for all or part of itself to raise $1 billion to dig for copper and gold in two of its mines in the country's north.
Rio Tinto, Teck Resources, Hudbay were among copper miners interested in $2 billion Michiquillay project in Peru.
The miner’s local subsidiary has entered into an agreement to acquire mining properties in southern Peru near its Constancia copper mine.
Police are on the scene to maintain order, the firm said, adding that efforts continue to resolve the situation peacefully through talks.
With its Costancia mine now in full production, in Peru, Hudbay Minerals' COO talks about what's next.
Air quality control permit yanked last year has been reinstated.
The politician is calling for stricter oversight of mining companies abroad after a New York Times front-page story over the weekend shone a spotlight on a Canadian mining company accused of serious crimes in Guatemala.
The deal gives HudBay control over the Rosemont project in Arizona, which has the potential to become the US’ third largest copper mine.
Vancouver firm's timeline to build 3rd largest US copper mine in doubt after sighting of endangered ocelot restarts permit consultations amid bitter takeover fight.
The takeover battle for an Arizona mine that's not even permitted but has the potential to transform the US copper industry is turning into a humdinger.
The company stated this decrease was primarily due to lower sales volumes and lower copper prices compared to the first quarter of 2013.
Company says 'significant industry players' are among them.
"This means we are looking for projects"
The company also announced is capital expenditure forecasts, earmarking $1 billion for capital investment.
"Not a lot of money has gone to mining in 2012, and I don't see it brightening up quickly."