Hudbay Reaches a Mutually Agreed Settlement in Longstanding Civil Lawsuits Related to Former Guatemala Operations
Hudbay Minerals Inc. (TSX, NYSE: HBM) has reached a final settlement in three civil lawsuits related to alleged actions in Guatemala in 2007 and 2009. This settlement concludes all outstanding legal matters from Hudbay's former activities in Guatemala. The company was named in the suits due to its ownership of the Fenix nickel project, acquired in 2008 and divested in 2011.
The settlement, agreed without admission of liability, acknowledges the differing views on the allegations. Hudbay's CEO, Peter Kukielski, expressed satisfaction in resolving these decade-long matters, recognizing the plaintiffs' difficult circumstances. The company emphasizes its commitment to responsible community engagement and human rights, as outlined in its Human Rights Policy and adherence to sustainable mining practices.
Hudbay Minerals Inc. (TSX, NYSE: HBM) ha raggiunto una conclusione definitiva in tre cause civili relative a presunti eventi in Guatemala nel 2007 e 2009. Questa transazione chiude tutte le questioni legali pendenti derivanti dalle attività passate di Hudbay in Guatemala. L'azienda è stata nominata nelle cause a causa della sua proprietà del progetto nickel Fenix, acquisito nel 2008 e dismesso nel 2011.
La transazione, concordata senza ammissione di responsabilità, riconosce le diverse opinioni sulle accuse. Il CEO di Hudbay, Peter Kukielski, ha espresso soddisfazione per la risoluzione di queste questioni decennali, riconoscendo le difficili circostanze dei querelanti. L'azienda sottolinea il suo impegno per un coinvolgimento responsabile della comunità e per i diritti umani, come indicato nella sua Politica sui Diritti Umani e nel rispetto delle pratiche minerarie sostenibili.
Hudbay Minerals Inc. (TSX, NYSE: HBM) ha llegado a un acuerdo final en tres demandas civiles relacionadas con presuntas acciones en Guatemala en 2007 y 2009. Este acuerdo concluye todos los asuntos legales pendientes derivados de las actividades anteriores de Hudbay en Guatemala. La empresa fue mencionada en las demandas debido a su propiedad del proyecto de níquel Fénix, adquirido en 2008 y vendido en 2011.
El acuerdo, aceptado sin admisión de responsabilidad, reconoce las diferentes opiniones sobre las acusaciones. El CEO de Hudbay, Peter Kukielski, expresó su satisfacción por resolver estos asuntos que llevan una década, reconociendo las difíciles circunstancias de los demandantes. La empresa enfatiza su compromiso con el compromiso comunitario responsable y los derechos humanos, como se establece en su Política de Derechos Humanos y su adhesión a prácticas mineras sostenibles.
Hudbay Minerals Inc. (TSX, NYSE: HBM)는 2007년과 2009년 과테말라에서의 주장된 사건과 관련된 세 건의 민사소송에서 최종 합의에 도달했습니다. 이 합의는 과테말라에서의 Hudbay의 과거 활동과 관련된 모든 미결 법적 문제를 종결합니다. 이 회사는 2008년에 인수하고 2011년에 매각한 페닉스 니켈 프로젝트의 소유권 때문에 소송에 이름이 올랐습니다.
합의는 책임 인정 없이 이루어졌으며, 혐의에 대한 상이한 견해를 인정합니다. Hudbay의 CEO인 Peter Kukielski는 이러한 10년 이상 지속된 문제를 해결하게 되어 만족감을 표명하며, 원고들의 어려운 상황을 인식하고 있습니다. 이 회사는 인권 정책에 명시된 바와 같이 책임 있는 지역 사회 참여와 인권에 대한 헌신을 강조하며, 지속 가능한 광업 관행을 준수하고 있습니다.
Hudbay Minerals Inc. (TSX, NYSE: HBM) a atteint un accord final dans trois poursuites civiles liées à des actions présumées au Guatemala en 2007 et 2009. Cet accord met fin à toutes les questions juridiques en suspens liées aux anciennes activités de Hudbay au Guatemala. La société a été nommée dans les poursuites en raison de sa propriété du projet nickel Fénix, acquis en 2008 et cédé en 2011.
L'accord, convenu sans reconnaissance de responsabilité, reconnaît les points de vue différents sur les allégations. Le PDG de Hudbay, Peter Kukielski, a exprimé sa satisfaction d'avoir résolu ces affaires de longue date, reconnaissant les circonstances difficiles des plaignants. L'entreprise souligne son engagement envers un engagement communautaire responsable et les droits de l'homme, comme indiqué dans sa Politique sur les droits de l'homme et son adhésion à des pratiques minières durables.
Hudbay Minerals Inc. (TSX, NYSE: HBM) hat einen endgültigen Vergleich in drei Zivilklagen erreicht, die sich auf angebliche Vorfälle in Guatemala in den Jahren 2007 und 2009 beziehen. Dieser Vergleich beendet alle outstanding rechtlichen Angelegenheiten, die sich aus Hudbays ehemaligen Aktivitäten in Guatemala ergeben. Das Unternehmen wurde in den Klagen genannt, weil es Eigentümer des Fenix-Nickelprojekts war, das 2008 erworben und 2011 verkauft wurde.
Der Vergleich wurde ohne Anerkennung einer Haftung getroffen und erkennt die unterschiedlichen Ansichten zu den Vorwürfen an. Der CEO von Hudbay, Peter Kukielski, äußerte seine Zufriedenheit über die Lösung dieser seit einem Jahrzehnt bestehenden Probleme und erkannte die schwierigen Umstände der Kläger an. Das Unternehmen betont sein Engagement für verantwortungsvolle Gemeinschaftsarbeit und Menschenrechte, wie in seiner Menschenrechtspolitik und der Einhaltung nachhaltiger Bergbaupraktiken dargelegt.
- Settlement of all outstanding legal matters related to former Guatemala operations
- Conclusion of decade-long litigation without admission of liability
- Demonstration of corporate responsibility in addressing community concerns
- Potential financial impact of the settlement (details not disclosed)
- Reputational concerns stemming from the allegations, despite lack of admission
Insights
This settlement marks a significant milestone for Hudbay Minerals, resolving long-standing legal issues related to its former operations in Guatemala. The resolution of these civil lawsuits, which have been ongoing for over a decade, removes a substantial legal overhang for the company. While the settlement comes without admission of liability, it demonstrates Hudbay's willingness to address historical concerns and move forward.
From an investor perspective, this settlement likely reduces future legal risks and associated costs for Hudbay. It may also positively impact the company's ESG (Environmental, Social and Governance) profile, which is increasingly important to investors. The company's emphasis on its current Human Rights Policy and commitment to responsible mining practices could help rebuild trust with stakeholders.
However, investors should note that the financial terms of the settlement were not disclosed, which makes it difficult to assess the immediate impact on Hudbay's financials. The long-term reputational benefits of resolving these issues may outweigh short-term financial considerations, potentially improving Hudbay's standing in the mining industry and with socially conscious investors.
TORONTO, Oct. 07, 2024 (GLOBE NEWSWIRE) -- 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 Brûlé
Vice President, Investor Relations
(416) 814-4387
investor.relations@hudbay.com
FAQ
What civil lawsuits has Hudbay Minerals (HBM) settled regarding its former Guatemala operations?
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