Hudbay Minerals gives Marubeni option to buy stakes in projects

Hudbay Minerals is a copper concentrate and zinc metal specialist. Photo by Hudbay Minerals.

New contract Canada’s miner Hudbay Minerals has announced the signing of an option agreement with Marubeni Corporation under which the copper concentrate and zinc metal specialist has granted Marubeni’s Canadian subsidiary an option to buy a 20 percent interest in three projects. 


“In order to exercise the Option, amongst other things, Marubeni will fund at least C$12 million in exploration expenditures over a period of approximately five years with Hudbay acting as operator and carrying out the exploration activities. Upon successful completion of Marubeni’s earn-in obligations, a joint-venture will be formed to hold the selected projects with Hudbay, acting as operator, holding an 80% interest and Marubeni holding the remaining 20% interest,” Hudbay Minerals said in a statement.


“This exploration partnership with Marubeni represents a significant milestone towards unlocking potential future value in the Flin Flon region,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer, as quoted in the statement.