Hudbay investors ramps up criticism of company in push for leadership change
TORONTO – An investor in Hudbay Minerals Inc. has released more detailed criticisms of the company as part of an effort to replace its leadership team.
Waterton Global Resource Management Inc., which owns about 12 per cent of Hudbay, outlined its grievances around the miner’s leadership and share performance in a lengthy investor presentation.
Hudbay spokesman Scott Brubacher says that while the company is still reviewing the material, he notes that the presentation looks long on generalities, but short on specifics.
Brubacher said in an email that Hudbay is disappointed in Waterton’s “selective use of performance metrics, revisionist history and confrontational approach.”
Waterton, a mining-focused private equity firm, launched an effort to replace the board of directors and senior executives at Hudbay last year.
In its presentation, the firm says it has a strategy to create long-term shareholder value that could more than double the company’s stock price.