I doubt this applies to Hudbay co ventures but it is food for thought regarding many Jr minining companies.
Unfortunatly some smaller companies that are well funded like VMS have been caught in the downdraft with shares trading at lows. I know of three Hudbay ventures VMS, AQA and BMK only VMS is at the mining stage.
Globe says HudBay CEO was an accurate prophet of doom
HudBay Minerals Inc (C:HBM)
Shares Issued 171,984,487
Last Close 2/15/2013 $10.94
Monday February 18 2013 - In the News
The Globe and Mail reports in its Saturday, Feb. 16, edition that speaking at a mining conference in Florida nearly two years ago, HudBay Minerals chief executive officer David Garofalo said the words nobody wanted to hear. The Globe's Pav Jordan, Tim Kiladze and Sean Silcoff write that in the midst of a wave of mergers and takeovers, Mr. Garofalo reminded his peers that growth for growth's sake was "very value destructive." Speaking to the top brass at the world's largest mining firms, Mr. Garofalo debunked the popular notion that commodity prices were in a "supercycle," less vulnerable to slowing economic growth. Mr. Garofalo may as well have been the prophet of doom. His words heralded the start of a downturn in the global mining sector that has seen a litany of multibillion-dollar losses at top companies. In the ensuing fallout, CEOs have been fired and project financing has dried up. Acquisitions that were hailed as game-changers are now derided as dumb mistakes. The resource sector faces the threat of a culling of junior companies, the lifeblood of the industry and a key source of financial activity in Toronto, Vancouver and elsewhere.