Canadian mining private equity firm Waterton Global Resource Management on Thursday urged Hudbay Minerals Inc to replace its chief executive officer and said it would nominate several candidates to the miner’s board.
Waterton, which raised its stake in the company to nearly 10 percent from 7 percent, also said it had withdrawn its request for a special shareholders’ meeting.
Hudbay did not immediately respond to a request for comment.
The private equity firm also reiterated that the Canadian miner avoid any near-term acquisition or joint venture.
Hudbay, which said in October it would buy the remaining 86 percent of Canadian miner Mason Resources Corp, is in talks to buy Chilean miner Mantos Copper SA, according to media reports.
Shares of Hudbay were down 2.5 percent at $6.35.
Waterton said it expected Hudbay to schedule its 2019 annual meeting with the early-to-mid May timeframe.
Update: Based in Toronto, Hudbay is focused on discovering, producing and marketing base and precious metals in the Americas. It is led by President and CEO Alan Hair.
Waterton said in October it was opposed to the Mantos Copper acquisition. Bloomberg reported the deal could value the company at as much as $1 billion.
(Reporting by Shanti S Nair in Bengaluru; Editing by James Emmanuel)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)