Private equity firm Waterton Global Resource Management Inc. said on Friday it intends to call a special shareholder meeting of Canada’s Hudbay Minerals Inc. after the miner refused its proposal for board changes.
Waterton, which said it owns about 7-per-cent stake in Hudbay, had also asked the miner in a filing on Oct. 17 to avoid any near-term acquisition or joint venture.
According to media reports. Hudbay is in talks to buy Chilean miner Mantos Copper SA.
“Hudbay’s recent market performance has been atrocious, as the company currently trades at a material discount to its peer group on multiple key valuation metrics,” Waterton said in a statement.
The company’s shares were down 2.6 per cent at $5.67 in mid-day trading.