HudBay CEO Unveils Strategic Plan at AGMadmin
HudBay Minerals Inc. 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.