Hudbay Reaches a Mutually Agreed Settlement in Longstanding Civil Lawsuits Related to Former Guatemala Operations
October 07 2024 - 8:00AM
Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX,
NYSE: HBM) today announced that it has reached a final
settlement with all plaintiffs in three civil lawsuits brought
against the company regarding alleged actions that occurred in
Guatemala in 2007 and 2009. This settlement concludes all
outstanding legal matters related to Hudbay’s former activities in
Guatemala. Hudbay was named in the civil suits because of its
ownership of the Fenix nickel project, which was acquired in 2008.
In one of the lawsuits, brought by 11 female plaintiffs, the
allegations against the Guatemalan company that owns the project
predate Hudbay’s ownership. In 2011, Hudbay divested itself of its
holdings in Guatemala and has had no operations there since that
time.
“Hudbay is pleased to have reached a mutually
agreed settlement that covers all three cases against the company.
These matters have been outstanding for more than a decade, and the
Board and management at Hudbay are pleased to bring them to a
conclusion,” said Peter Kukielski, Hudbay’s President and Chief
Executive Officer. “In doing so, we recognized the difficult
economic and social circumstances of the plaintiffs and we are
thankful for a constructive resolution with the plaintiffs and
their counsel.”
The terms agreed with the plaintiffs confirm the
settlement is without admission of liability and the parties
continue to have fundamentally differing views on the facts
underlying the allegations, including the allegations of misconduct
by Hudbay’s subsidiaries.
Hudbay is proud to be a responsible member of
the communities in which its people work and live and seeks ways to
play a constructive role through its operations. Hudbay’s Human
Rights Policy, approved and overseen by Hudbay’s Board of
Directors, includes commitments to constructive and mutually
beneficial engagement with local communities, and security
practices that respect human rights. These commitments are
reinforced through the company’s adoption of the Mining Association
of Canada’s Towards Sustainable Mining program, and the United
Nations’ Voluntary Principles on Security and Human Rights at all
of its mines.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused
mining company with three long-life operations and a world-class
pipeline of copper growth projects in tier-one mining-friendly
jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the
Constancia mine in Cusco (Peru), the Snow Lake operations in
Manitoba (Canada) and the Copper Mountain mine in British Columbia
(Canada). Copper is the primary metal produced by the company,
which is complemented by meaningful gold production. Hudbay’s
growth pipeline includes the Copper World project in Arizona
(United States), the Mason project in Nevada (United States), the
Llaguen project in La Libertad (Peru) and several expansion and
exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has
is embodied in its purpose statement: “We care about our people,
our communities and our planet. Hudbay provides the metals the
world needs. We work sustainably, transform lives and create better
futures for communities.” Hudbay’s mission is to create sustainable
value and strong returns by leveraging its core strengths in
community relations, focused exploration, mine development and
efficient operations.
For further information, please contact:
Candace BrûléVice President, Investor
Relations(416) 814-4387investor.relations@hudbay.com
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