Growth strategy combines Manitoba base with global opportunities
TORONTO, ONTARIO, Jun 19, 2009 (MARKETWIRE via COMTEX News
Network) -- EDITORS' NOTE: AGM presentation and image library available
on HudBay's website at www.hudbayminerals.com.
HudBay
Minerals Inc. ("HudBay" the "company") (TSX: HBM) today unveiled a new
strategic plan with a two-pronged growth strategy.
"HudBay will
pursue a strategy defined by two broad themes," Peter Jones, HudBay's
chief executive officer, told the company's annual meeting of
shareholders. One emphasis will be to optimize operations in HudBay's
traditional home base of Manitoba. "We will grow our principal operating
platform in the Flin Flon Greenstone Belt, which will continue to be
our cornerstone."
The strategy for Manitoba includes closing the
copper smelter by July 1, 2010, continuing to evaluate reopening the
Chisel North
mine, continuing exploration in the Flin Flon Greenstone Belt and
aggressively pursuing development of the Lalor deposit.
"The
strategic plan will only be fully realized by growing beyond our
Manitoba base," Mr. Jones continued. "This second avenue of growth will
include the company's Fenix nickel property in Guatemala and potential
acquisition opportunities worldwide."
Mr. Jones described several
key initiatives in implementing HudBay's plan. A decision on the next
phase of development for the Lalor project is expected in 2009. Copper
concentrate sales arrangements are also expected by the end of 2009, to
support the closure of the copper smelter by July 1, 2010. A revised
project plan for the Fenix project is expected in early 2010, and the
company is continuing to pursue acquisition opportunities.
"Our
plan is to build on our knowledge base, financial strength and the cash
generated from our assets to grow into a dominant Canadian metals
producer with the ability to acquire and develop superior
assets at home and in attractive locations around the world," Mr. Jones
said.
About HudBay Minerals Inc.
HudBay Minerals Inc.
(TSX: HBM) is a Canadian integrated mining company with assets in North
and Central America principally focused on the discovery, production and
marketing of base metals. The company's objective is to maximize
shareholder value through efficient operations, organic growth and
accretive acquisitions, while maintaining its financial strength. A
member of the S&P/TSX Composite Index and the S&P/TSX Global
Mining Index, HudBay is committed to high standards of corporate
governance and sustainability.
Forward-looking Information
This
news release contains "forward-looking information" within the meaning
of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, HudBay's ability to
execute its strategy, information with respect to HudBay's exploration
expenditures and activities and the possible success of such exploration
activities, including at its Lalor deposit, the estimation of mineral
reserves and resources, the realization of mineral estimates, the timing
and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits and
the ability to recommence suspended operations, mineral pricing,
reclamation costs, the economic outlook, currency fluctuations,
government regulation of mining operations, environmental risks, mine
life projections, plans to close HudBay's copper smelter, the
availability of third party concentrate, business and acquisition
strategies, and the ability to meet safety and environmental targets.
Often, but not always, forward-looking information can be identified by
the use of forward-looking words like "plans", "expects", or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "understands", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved".
Forward-looking
information is based on the opinions and estimates of management as of
the date such information is provided and is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of HudBay to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the mining
industry such as economic factors (including future commodity
prices, currency fluctuations and energy prices), failure of plant,
equipment, processes and transportation services to operate as
anticipated, dependence on key personnel and employee relations,
environmental risks, government regulation, actual results of current
exploration activities, possible variations in ore grade or recovery
rates, permitting timelines, capital expenditures, reclamation
activities, land titles, and social and political developments and other
risks of the mining industry as well as those risk factors discussed or
referred to in HudBay's Annual Information Form for the year ended
December 31, 2008 under the heading "Risk Factors".
Although
HudBay has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue reliance
on forward-looking information. HudBay does not undertake to update any
forward-looking information, except as required by applicable securities
laws, or to comment on analyses, expectations or statements made by
third parties in respect of HudBay, its financial or operating results
or its securities.
(HBM-G)
Contacts:
Investor Relations contact:
HudBay Minerals Inc.
Annemarie Brissenden, Manager, Investor Relations
(416) 362-0615
Email: annemarie.brissenden@hudbayminerals.com
SOURCE: HudBay Minerals Inc.
mailto:annemarie.brissenden@hudbayminerals.com
Copyright 2009 Marketwire, Inc., All rights reserved.
News Provided by COMTEX