P/wire say HudBay aims to capitalize on buyers market
Ticker Symbol: C:HBM
FP/wire say HudBay aims to capitalize on buyers market
HudBay Minerals Inc (C:HBM)
Shares Issued 171,984,487
Last Close 2/6/2013 $11.57
Thursday February 07 2013 - In the News
The Financial Post reports in its Thursday, Feb. 7, edition that HudBay Minerals is the third-best-performing Canadian mining stock this year. A Bloomberg dispatch to the Post reports that HudBay says it is is willing to spend about $400-million on deals to replenish its development pipeline. HudBay expects to more than quadruple copper output by 2015. It will capitalize on a "buyers' market" for mining assets as small companies struggle to raise money and larger competitors consider sales, says chief executive officer David Garofalo. HudBay would be comfortable spending about 20 per cent of its $1.94-billion market value, he says. "We're looking at a lot of things and I'm hoping that we can tuck something in this year," says Mr. Garofalo. "We've never been busier looking at opportunities." Desjardins Securities analyst John Hughes says the majors are very interested in simplifying their balance sheets. "Any asset that is not deemed material could be available to a smaller company where it could be material," says Mr. Hughes. He rates HudBay buy. HudBay is the best-performing mining stock in the Standard & Poor's/TSX Composite Index this year after Aurizon Mines and Uranium One.