HudBay becomes hunter–and possibly prey

Dec 05, 2006 | 10:34 AM | Meghann McDonell

Sitting on a stack of cash, HudBay Minerals Inc. is in active pursuit of acquiring assets, with a preference for a homegrown zinc company.

The Winnipeg, Manitoba,-based company hopes to join the ranks of the country's top mining companies, but its strong cash position could invite a takeover offer before it has the chance to build its own assets.

"HudBay is financially robust and our focus is on becoming a major Canadian mining company," Peter Jones, the company's president and chief executive officer, told investors at Desjardins Securities' Materials Conference in Montreal. "Our most important strategic thrust is merger and acquisition potential. Our significant cash position places us in a very prominent position, and we are currently looking at a broad spectrum of assets."....

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