Hudbay Minerals’s second-biggest investor ratcheted up pressure on the Toronto miner ahead of its quarterly earnings, arguing the company’s shares could more than double if it changes its strategy.
Hudbay could be worth about C$19 a share if it changes its leadership, reviews its portfolio and improves capital allocation, Waterton Global Resource Management said Tuesday in a 73-page presentation. After rising as much as 6.8%, Hudbay’s shares were up 5.9% to C$8.40 at 2:03 p.m. in Toronto, giving the company a market value of C$2.2-billion.