HudBay looks offshore for growth

HudBay Minerals Inc.is looking for growth offshore in its new strategic plan, CEO Peter Jones said Friday.

The plan "will only be fully realized by growing beyond our Manitoba base," he told the mining company's annual meeting in Toronto.

But the company is also planning to build on its Manitoba operations.

"We will grow our principal operating platform in the Flin Flon Greenstone Belt, which will continue to be our cornerstone," Jones said.

A second legof the plan "will include the company's Fenix nickel property in Guatemala and potential acquisition opportunities worldwide," he said.

HudBay said Thursday that it will close the Flin Flon copper smelter by July 1, 2010.

At its other Manitoba projects, it will:

• Evaluate reopening the Chisel North zinc mine, near Snow Lake.
• Continue exploring in the Greenstone Belt.
• Pursue development of the Lalor gold deposit in the Greenstone Belt.

A decision on the next phase of the Lalor project is expected in 2009.

A revised plan for the Fenix project is expected earlynext year, he said.

HudBay stock closed up 20 cents at $8.04 in TSX trading. The 52-week range is $2.70 to $15.85.