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Globe and Mail – An Indian mining giant has quietly amassed a near 10-per-cent stake in HudBay Minerals Inc., HBM securing a major advantage over potential rival suitors for the Canadian zinc and copper producer that has hired advisers to explore the company’s strategic options.
Documents filed in Ontario Superior Court show Lakomasko BV, a privately held company based in Amsterdam, owns 14.5 million HudBay shares – about 9.5 per cent of the Toronto mining firm.
Globe and Mail – An Indian mining giant has quietly amassed a near 10-per-cent stake in HudBay Minerals Inc., securing a major advantage over potential rival suitors for the Canadian zinc and copper producer that has hired advisers to explore the company’s strategic options.
Documents filed in Ontario Superior Court show Lakomasko BV, a privately held company based in Amsterdam, owns 14.5 million HudBay shares – about 9.5 per cent of the Toronto mining firm.
ReportonBusiness.com – A group of dissident shareholders enraged over HudBay Minerals Inc.’s corporate missteps is pressing on with plans to oust the company’s board even after the resignation of the mining firm’s embattled chief executive officer.
HudBay said yesterday that Allen Palmiere, the architect of HudBay’s recent failed merger attempt with Lundin Mining Corp., resigned as an officer and director of the Toronto company. HudBay director Colin Benner, the former head of Lundin, Skye Resources Inc. and EuroZinc Mining Corp., was appointed interim CEO.
Globe and Mail – HudBay Minerals Inc. chief executive officer Allen Palmiere tried to amend the terms of a controversial merger agreement with Lundin Mining Corp. after shareholders slammed the proposed transaction, according to court documents released by a hedge fund trying to oust Mr. Palmiere and the HudBay board.
Monaco-based SRM Global Master Fund LP, which owns 11 per cent of HudBay’s stock, said HudBay’s board of directors is “incapable of creating value and serving the best interest of shareholders,” in a filing with securities regulators Wednesday. The SRM circular calls HudBay’s ill-fated attempt to merge with Lundin a “slip-shod process” that included management-dominated negotiations and “neglect” by the HudBay board. It also includes an excerpt from a text message sent by Mr. Palmiere to Lundin’s CEO, Phil Wright, on Nov. 26, just five days after the deal to combine HudBay’s Manitoba zinc and copper operations with Lundin’s mines in Europe and Africa was announced.
