As I comment to everyone this sector is not for widows and orphans - one has to know the companies, their properties, the management and the financial aspects.
The biggest issue is the concern that commodities will go back to pre 2000 price levels. If you want to hear some distressing stories talk to those who dealt with copper and other base metals in the period 1965- 2000= you wont hear a lot of positive comments. Thus the question one has to ask and assume the right answer to is - whether the BRIC countries are going to continue to grow such that there will be ever increasing demand? This is the key question and only if you answer that you are a believer and are willing to go on a roller coaster ride should you invest.
if you are a believer then HudBay has the goods; the properties, the leadership, the financing and is currently a bargain. I agree with Matt ( know him very well) that of companies in the sector it is an excellent opportunity- but get back the first question.
My own bet is that by 2016 Hudbay will be closer to $20 than $10! and am long .