Korea Zinc to decide on disputed $1.8 billion share plan as pressure rises
The world’s largest zinc smelter has been caught up for months in a fight between its largest shareholders over strategy and direction.
Hudbay Minerals (TSX, NYSE: HBM) announced on Monday that new three-and-a-half-year collective agreements have been ratified by the members of United Steelworkers (USW) Local 7106 and USW Local 9338.
Members of the other four unions at Hudbay’s Manitoba operations ratified their respective three-and-a-half-year collective agreements in July, as reported in the company’s second-quarter results.
With the latest work agreements, Hudbay has now completed the collective bargaining process with all of the company’s unions in Manitoba, where it operates the Lalor gold-zinc-copper underground mine in the Snow Lake region.
The company also owns the 777 copper-zinc mine in Flin Flon, though that is nearing the end of its mine life after 15 years in operation, with final production anticipated in 2022.
Shares of Hudbay Minerals rose 2.3% by 11:45 a.m. in Toronto. The diversified miner has a market capitalization of C$2 billion.
