Hudbay Will Appeal Unprecedented Rosemont Court Decision
August 01 2019 - 7:45AM
Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) announced that late
yesterday the U.S. District Court for the District of Arizona
(“Court”) issued a ruling in the lawsuits challenging the U.S.
Forest Service’s issuance of the Final Record of Decision (“FROD”)
for the Rosemont project in Arizona. The Court ruled to vacate and
remand the FROD such that Rosemont cannot proceed with construction
at this time. Hudbay believes that the Court has misinterpreted
federal mining laws and Forest Service regulations as they apply to
Rosemont. As such the company will be appealing the Court’s
decision to the U.S. Ninth Circuit Court of Appeals. The FROD was
issued in June 2017 after a thorough process of ten years involving
17 co-operating agencies at various levels of government, 16
hearings, over 1,000 studies, and 245 days of public comment
resulting in more than 36,000 comments.
“We are extremely disappointed with the Court’s
decision. We strongly believe that the project conforms to federal
laws and regulations that have been in place for decades,” said
Peter Kukielski, Interim President and Chief Executive Officer. “We
will be appealing the decision as we evaluate next steps for the
Rosemont Project.”
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, potential outcomes of the legal
challenges against Rosemont and plans for the development of
Rosemont. Forward-looking information is not, and cannot be, a
guarantee of future results or events. Forward-looking information
is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the company at
the date the forward-looking information is provided, inherently
are subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be
materially different from those expressed or implied by the
forward-looking information.
The material factors or assumptions that Hudbay
identified and were applied by the company in drawing conclusions
or making forecasts or projections set out in the forward-looking
information include, but are not limited to, the timing and
possible outcome of pending litigation related to the Rosemont
permits.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), as well as the risks discussed under the
heading “Risk Factors” in Hudbay’s most recent Annual Information
Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is an integrated mining
company primarily producing copper concentrate (containing copper,
gold and silver), molybdenum concentrate and zinc metal. With
assets in North and South America, the company is focused on the
discovery, production and marketing of base and precious metals.
Directly and through its subsidiaries, Hudbay owns three
polymetallic mines, four ore concentrators and a zinc production
facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and copper projects in Arizona and Nevada (United States).
The company’s growth strategy is focused on the exploration and
development of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For more information, please contact:
Candace BrûléDirector, Investor Relations
(416) 814-4387 candace.brule@hudbay.com
Hudbay Minerals (TSX:HBM)
Historical Stock Chart
From Apr 2024 to May 2024
Hudbay Minerals (TSX:HBM)
Historical Stock Chart
From May 2023 to May 2024