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HudBay Minerals Inc.
Type Public (TSXHBM)
Founded 1996 (as Pan American Resources Inc.)
1927 (as Hudson Bay Mining and Smelting Company, Limited)[1]
Headquarters Toronto, Ontario, Canada
Website hudbayminerals.com

HudBay Minerals Inc. (TSXHBM) is a Canadian mining corporation. Founded as Hudson Bay Mining & Smelting Co., Limited (HBMS) it has been exploring and mining in Manitoba for over 70 years. Much of their history has centered around Flin Flon, Manitoba.

Contents

Hudson Bay Mining & Smelting Co., Limited History

The Flin Flon orebody was discovered by David Collins, a local trapper, and shown to Tom Creighton, a prospector, in 1914. The first claim was registered in 1915. It took more than a dozen years to bring the mine into production because the ore body was huge, of low grade, required lots of hydro energy, was isolated and needed a smelter.

In 1927, the Whitney family of New York created HBM&S, which took over controlling interest in the Flin Flon property. By 1930, the mine, smelter, hydroelectric dam and railroad were in full operation.

On December 21, 2004, HudBay Minerals Inc. (HudBay) acquired Hudson Bay Mining and Smelting Co., Limited (HBMS) for C$316 million from Anglo American plc. The purchase was financed by a public offering of C$143.8 million of equity and the issue of US$175 million of debt.[2]

The corporate head office was in Winnipeg, Manitoba, Canada but moved to Toronto in 2008.

HudBay Minerals Inc. History

Founded as Pan American Resources Inc. the company first went public on the Montreal Exchange as under the symbol PAN in the 3rd quarter of 1996. [3]

On March 12, 2002 Pan American acquired all of Ontzinc Corporation. Subsequently the company renamed itself OntZinc Corporation on August 15, 2002. [4]

Upon acquisition of Hudson Bay Mining and Smelting Co., Limited, the company renamed itself to HudBay Minerals Inc. on December 24, 2004. [5]

On November 21, 2008, HudBay Minerals Inc. and Lundin Mining Corporation announced an agreement to combine their resources to create a new major Canadian leader in global mining.This deal fell apart mainly because it did not add value for the shareholders of Hudson Bay Minerals, in fact the value of their shares dropped almost 50% when the deal was announced.

On January 9, 2009 Hudbay Minerals announced suspended operations (and continue on care and maintenance) at Chisel North Mine. The mine will stop producing in late February due to falling Zn metal prices and increased costs . Snow Lakes population is approx. 800 people with over 100 being employed by HBM&S Chisel North Mine. These employees are waiting to hear news on possible job bumping in the Flin Flon operations.

Operations

HBMS now operates three underground mines in the province of Manitoba. Trout Lake Mine and the more recent 777 Mine are located near Flin Flon and Chisel North Mine is located near Snow Lake. The two mines at Flin Flon produce zinc and copper along with smaller values of gold and silver. Chisel North Mine produces a mid to high-grade zinc ore at a smaller production rate using a variation to the room and pillar method. New high grade gold values have been found at the LALOR lake along with high grades of zinc and there may also be a high grade copper zone also. Today the original 1930 Island Falls hydroelectric facility is owned and operated by SaskPower.

References

  1. ^ http://www.fundinguniverse.com/company-histories/The-Hudson-Bay-Mining-and-Smelting-Company-Limited-Company-History.html
  2. ^ HudBay Minerals Inc. 2004 Annual Report
  3. ^ Pan American Resources Inc. 1996 Annual Report
  4. ^ OntZinc Corporation SCHEDULE "C" filing December 20, 2002
  5. ^ Ontzinc Corporation December 23, 2004 News Release

External links

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