Hudbay Minerals\u2019 (TSE, NYSE: HBM) second-largest investor, Waterton Global Resource Management, has turned up the heat in a boardroom battle\u00a0that seeks to replace the Canadian miner\u2019s chief executive officer and overhaul its board.<\/p>\n
The private-equity firm, which holds about 12% of Hudbay, released Tuesday an\u00a0investor presentation<\/a>\u00a0detailing what it sees as the path forward for the miner. Such plan, it says, has the potential to \u201cclose the valuation gap with its peers and realize significant upside for shareholders.\u201d<\/p>\n Among the proposed changes, Waterton\u00a0wants to replace eight of the board\u2019s 10 members\u00a0with its own nominee<\/a>s and sees former Nevsun Resources CEO, Peter Kukielski, leading the Toronto-based mining company. It also wants Richard Nesbitt, former CEO of the Canadian Imperial Bank of Commerce, to become Hudbay Minerals\u2019 chairman.<\/p>\n The selected professionals would replace current Hudbay boss Alan Hair and chairman Alan Hibben, both of whom Waterton blames for the company\u2019s underperformance.<\/p>\n According to the equity firm, the proposed leadership team would restore market confidence on Hudbay and, over the long-term, give shareholders the opportunity to benefit from up to a ~140% increase in the share price.<\/p>\n Hudbay Minerals\u2019 shares have lost more than 27% of its value in the past twelve months, but were trading about 3% higher in the New York exchange at $6.16 by 9:45 am local time. According to Waterton, the stock has the potential to climb to about $13.5 (C$19) a piece if the changes proposed are implemented.<\/p>\n The investor first\u00a0complained about Hudbay\u2019s decisions<\/a>\u00a0last year, when it learned the company was planning\u00a0to acquire competitors<\/a>\u00a0and\u00a0warned that transactions like that could<\/a>\u00a0\u201cadversely impact shareholders, the company’s balance sheet, and\/or the company’s ability to effectively progress its current portfolio of assets.<\/p>\n Hudbay mines for zinc and copper, primarily in Canada\u2019s Manitoba province, and also has operations in Peru and Arizona.<\/p>\n The post Waterton steps up efforts to oust Hudbay Minerals\u2019 CEO, board<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Toronto-based private-equity firm Waterton Global Resource Management is pushing for an overhaul Hudbay Minerals’ board and the exit of the current chief executive, Alan Hair, over alleged “mismanagement.”<\/p>\n The post Waterton steps up efforts to oust Hudbay Minerals’ CEO, board<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[736,1072,404,369,440,428],"tags":[25,28,33,48,71,86,102],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100657"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1100657"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100657\/revisions"}],"predecessor-version":[{"id":1100806,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100657\/revisions\/1100806"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1100657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1100657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1100657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Waterton says\u00a0the proposed leadership team would restore market confidence on Hudbay and, over the long-term, give shareholders the opportunity to benefit from up to a ~140% increase in the share price.<\/q><\/p>\n