Waterton Files Early Warning Report in respect of Hudbay Minerals Inc.

TORONTO, Jan. 22, 2019 /CNW/ - Waterton Global Resource Management, Inc. ("WGRM Inc."), on behalf of Waterton Mining Parallel Fund Offshore Master, LP ("Waterton Mining LP") and Waterton Precious Metals Fund II Cayman, LP ("Waterton Fund II") (collectively, "Waterton"), announced that today Waterton has acquired 289,506 common shares (the "Common Shares") of Hudbay Minerals Inc. ("Hudbay"), representing approximately 0.1108% of the outstanding Common Shares, through market purchases on the Toronto Stock Exchange.

Together with the 289,506 Common Shares acquired today, Waterton has purchased an aggregate of 5,200,442 Common Shares since its last early warning report dated December 10, 2018, through market purchases on the Toronto Stock Exchange, at an average price of approximately C$6.2386 per Common Share or C$32,443,456 in the aggregate, representing approximately 1.9904% of the issued and outstanding Common Shares.

As a result of the acquisition of these Common Shares and 25,000 Common Shares owned by Peter Kukielski, who may be considered a joint actor of Waterton as one of Wateron's previously announced director candidates for election to the Hudbay board of directors at Hudbay's 2019 annual meeting of shareholders, Waterton owns and exercises control or direction over an aggregate of 31,352,658 Common Shares, representing approximately 12.00% of the issued and outstanding Common Shares. At the time of its last early warning report dated December 10, 2018, Waterton owned and exercised control or direction over 26,127,216 Common Shares, representing approximately 10.00% of the issued and outstanding Common Shares.

The Common Shares were acquired for investment purposes and for other reasons detailed in Item 5 of the early warning reports filed by Waterton under applicable Canadian securities laws. Waterton may, depending on market and other conditions, acquire additional Common Shares through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise, or may sell all or some portion of the Common Shares, or may continue to hold the Common Shares. 

For further information and to obtain a copy of the early warning report filed by Waterton, please see Hudbay's profile on the SEDAR website www.sedar.com or contact Richard Wells, Chief Financial Officer of WGRM Inc. at 416-504-3505.

The head office address of WGRM Inc. is Commerce Court West, 199 Bay Street, Suite 5050, Toronto, Ontario, M5L 1E2, Canada. The head office address of each of Waterton Mining LP and Waterton Fund II is Ugland House, Grand Cayman, Cayman Islands, KY1-1104.

The head office address of Hudbay is 25 York Street, Suite 800, Toronto, Ontario, Canada M5J 2V5.

SOURCE Waterton Global Resource Management, Inc.

and to obtain a copy of the early warning report filed by Waterton, please see Hudbay's profile on the SEDAR website www.sedar.com or contact Richard Wells, Chief Financial Officer of WGRM Inc. at 416-504-3505.