M&A

Waterton lifts Hudbay stake to 10%

Private equity investor Waterton Global Resource Management has added to its Hudbay Minerals (TSX:HBM) holding to take its stake to 10%.

Waterton Global has increased its Hudbay holding

Waterton Global has increased its Hudbay holding

Waterton bought 912,763 Hudbay common shares on the open market at C$6.4973 for a total investment of $5.93 million.

It previously expressed opposition to Hudbay's commitment to any further mergers and acquisitions, saying the company had enough quality projects to create significant shareholder value.

Waterton had requisitioned a special meeting of shareholders on October 23, to have shareholders vote on adopting a resolution urging the Hudbay board to seek shareholder approval for certain material transactions including acquisitions and joint ventures.

The private investor believes substantial change is required on the company's board to restore its credibility and provide renewed accountability to shareholders, appropriate management oversight, a fresh perspective and highly relevant expertise and skillsets to the board.

Waterton declined repeated requests for comment by Mining Journal on the US$23 million (C$31 million) commitment by Hudbay to buy Mason Resources, which was announced following the meeting's requisition date.

Hudbay has scheduled a special shareholder meeting for February 28, during which owners will consider the advisory resolution regarding potential future transactions.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.