HudBay Plans to Buy Stakes in Mineral Explorers

Bloomberg reported that HudBay Minerals Inc. (TSX:HBM) has decided to expand by buying stakes in exploration companies.

As quoted in the market news:

HudBay acquired the Constancia project when it bought Norsemont Mining Inc. in July for C$305 million ($303 million). HudBay abandoned a C$780.7 million agreement to buy Canada’s Lundin Mining Corp. in 2009, after HudBay investors said the proposed deal undervalued their company. Garofalo, who joined HudBay as CEO in July 2010 from Agnico-Eagle Mines Ltd., said he’s cautious about big transactions.

Click here to read the full Bloomberg report.