Company News

BUZZ-Hudbay Minerals: Falls on lower Q1 2019 Manitoba output

** Shares of Canadian miner fall 4.71% to C$9.72

** Hudbay says copper, gold and silver production from its Manitoba mines were 20%, 21% and 14% lower, respectively, in Q1 2019 from a year earlier

** Co says production impacted by closure of 70%-owned Reed mine where mining activities were completed in Aug 2018

** However, co expects FY production for all metals to be within the guidance ranges: Copper - 22,000 – 25,000 tonnes, Zinc - 100,000-115,000 tonnes, Precious metals - 105,000-125,000 ounces

** Separately, major shareholder Waterton issues letter to shareholders urging them to elect its 5 nominees to Hudbay’s board at the miner’s annual and special shareholder meeting on May 7

** Hudbay said on April 5, co’s director nominee slate includes two Waterton nominees

** The private equity firm and its units have a 12.09% stake in Hudbay collectively

** Despite today’s losses, stock has risen ~51% YTD (Reporting by Shanti S Nair in Bengaluru)