An investor in Hudbay Minerals Inc. wants to meet with the Toronto miner to discuss replacing members of its board, as well as to seek assurances it won’t pursue acquisitions or joint venture without consulting shareholders, according to a person familiar with the matter.
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 the person, who asked not to be identified because the matter isn’t public.
Waterton — which has been building its position in Hudbay — now holds about 7 percent of its shares, up from 4.8 percent, this person said.
Hudbay has invited Waterton to meet with some of its directors after management had a brief, first meeting with the firm on Aug. 31, a representative for Hudbay said in a statement.
“Hudbay’s management and board routinely engage with shareholders and carefully considers their input,” the representative said. “To the company’s knowledge, the shareholder you mention has been invested in the company for a short time.”