Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) today responded to the
announcement by dissident shareholder Waterton Global Resource
Management, Inc.
(“Waterton”), that Michael
Anglin, who was nominated for election by Waterton and included as
a recommended candidate in Waterton’s proxy materials on April 15,
has withdrawn from Waterton’s slate of nominees in order to join
the board of directors of a different company. The proxy voting
deadline for Hudbay’s annual and special meeting of shareholders is
just over one week away, on May 3.
Waterton first announced Mr. Anglin as one of
its director nominees on January 16. After careful consideration of
his qualifications, on April 5, Hudbay recommended that
shareholders vote for Mr. Anglin. Just over a week ago, on April
15, Waterton also recommended that shareholders vote for Mr.
Anglin. The company is therefore surprised by Waterton’s sudden
withdrawal of one of its director nominees, as board nominations
generally involve a rigorous process aimed at ensuring, among other
things, that nominees will be available to serve if elected. In any
event, Hudbay is disappointed that Mr. Anglin has chosen to pursue
a different opportunity but respects his decision and wishes him
well.
Hudbay’s board remains committed to responsible
board renewal and recommends that shareholders vote FOR the
director nominees on its GREEN proxy (excluding Mr. Anglin who is
no longer standing for election). The GREEN proxy and voting
instruction form previously mailed to shareholders in connection
with the annual and special meeting of shareholders may continue to
be used by shareholders and will continue to be valid, with any
votes for Mr. Anglin not being counted given he has withdrawn as a
director nominee.
The ten director nominees include a new Hudbay
nominee, Richard Howes, and Waterton nominee David Smith. Assuming
Hudbay’s slate of director nominees is elected, this would result
in 20% of the board being refreshed in 2019, with six of ten
directors having joined the board in the last five years. In light
of Mr. Anglin’s withdrawal, following the annual and special
meeting of shareholders, Hudbay intends to immediately initiate a
process to identify an independent and qualified individual who
could join the board as an eleventh director.
Proxy Voting Information
Time is short and the stakes are high. In order
to ensure that your vote is counted at the annual and special
meeting of shareholders, shareholders are urged to vote only the
GREEN proxy FOR the nominees recommended by
Hudbay, and ensure that your proxy is received prior to the proxy
voting deadline of 10:00 a.m. (Toronto time) on Friday, May 3,
2019. The GREEN proxy and voting instruction form
previously mailed to shareholders in connection with the annual and
special meeting of shareholders may continue to be used by
shareholders and will continue to be valid, with any votes for Mr.
Anglin not being counted given he has withdrawn as a director
nominee.
For assistance voting your proxy, shareholders
should contact Laurel Hill Advisory Group at 18774527184
(toll-free for Hudbay shareholders in North America) or
1-416-304-0211 (collect call for Hudbay shareholders outside North
America) or assistance@laurelhill.com.
Forward-Looking
Information
This news release contains “forward-looking
statements” and “forward-looking information” (collectively,
“forward-looking information”) within the meaning of applicable
Canadian and United States securities legislation. Forward-looking
information is not, and cannot be, a guarantee of future results or
events.
Forward-looking information is based on, among
other things, opinions, assumptions, estimates and analyses that,
while considered reasonable by the company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may
cause actual results to differ materially from those expressed or
implied by the forward-looking information may include, but are not
limited to, risks generally associated with the mining industry,
such as economic factors (including future commodity prices,
currency fluctuations, energy prices and general cost escalation),
as well as the risks discussed under the heading “Risk Factors” in
Hudbay’s most recent Annual Information Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, undue reliance should not be placed on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward looking information after the date of this
news release or to explain any material difference between
subsequent actual events and any forward-looking information,
except as required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is an integrated mining
company primarily producing copper concentrate (containing copper,
gold and silver), molybdenum concentrate and zinc metal. With
assets in North and South America, the company is focused on the
discovery, production and marketing of base and precious metals.
Directly and through its subsidiaries, Hudbay owns three
polymetallic mines, four ore concentrators and a zinc production
facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and copper projects in Arizona and Nevada (United States).
The company’s growth strategy is focused on the exploration and
development of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For investor inquiries, please contact:
Laurel Hill Advisory Group(416) 304-0211 or 1
(877) 452-7184assistance@laurelhill.com
Candace BrûléDirector, Investor Relations
(416) 814-4387 candace.brule@hudbay.com
For media inquiries, please
contact:
Joel
Shaffer
Longview Communications and Public Affairs(416)
649-8006jshaffer@longviewcomms.ca
Scott BrubacherDirector, Corporate
Communications (416) 814-4373 scott.brubacher@hudbay.com
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