Waterton seeks CEO, board changes at Canadian miner Hudbay

Reuters | December 13, 2018 | 12:39 pm Canada

The Northern Lights at 777 Mine (2012) – Image courtesy of Hudbay minerals via Flickr

Private equity firm Waterton Global Resource Management Inc on Thursday urged Hudbay Minerals Inc to replace its chief executive officer and said it would nominate several candidates to the miner’s board.

Waterton, which raised its stake in the company to nearly 10% from 7%, also said it had withdrawn its request for a special shareholders’ meeting.

Hudbay did not immediately respond to a request for comment.

The private equity company also reiterated that the Canadian miner avoid any near-term acquisition or joint venture.

Hudbay, which said in October it would buy the remaining 86 percent of Mason Resources Corp, is in talks to buy Chilean miner Mantos Copper SA, according to media reports.

Shares of Hudbay were down 2.5% at C$6.35.

Waterton said it expected Hudbay to schedule its 2019 annual meeting with the early-to-mid May time frame.

(Reporting by Shanti S Nair; Editing by James Emmanuel)