The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
HudBay Minerals Inc. is moving its head office further away from its flagship Flin Flon operations, with a relocation from Winnipeg to Toronto set to be complete by yearÕs end. This stems from a desire to harmonize the HBMS parent companyÕs offices in Winnipeg and Vancouver following its recent merger with Skye Resources Inc., which was based in the latter city. ÒToronto is really the mining capital of Canada, if not the world, for head offices,Ó said Tom Goodman, HudBayÕs vice-president of technical services and human resources. ÒWeÕre setting the company up for more growth, so Toronto seemed a natural place.Ó The move, which will involve about a dozen people, quickly drew concern from Manitoba Progressive Conservative leader Hugh McFadyen. ÒWe donÕt want to see major decisions impacting Manitoba being made outside of our province,Ó he told the Winnipeg Free Press. But Goodman dismissed that statement as Òa bit of a red herring.Ó ÒThe major decisions involving our company are unchanged, the way that theyÕre made,Ó he said. ÒWe remain a large presence in the province of Manitoba. The operating platform for the company remains in Manitoba. WeÕre committed to our exploration program, to growing our business in Manitoba. I think the futureÕs pretty bright for our company in Manitoba.Ó Goodman added the change will bring an undetermined number of jobs to Flin Flon. HudBay already had a corporate office in Toronto, where President and CEO Allen Palmiere works. HudBayÕs merger with Skye brought it the highly touted Fenix nickel project in Guatemala, which includes 41.4 million tonnes of reserves. ÒNow we will be a very significant nickel player on a go-forward basis,Ó Palmiere told a gathering in Flin Flon last month. The Skye deal cost HudBay about $460 million in stock, with Skye shareholders receiving 0.61 HudBay shares for every Skye share they owned. Both companies have said the proceeds will be used to immediately ramp up full engineering, procurement and construction activities at the Fenix project. HudBay describes Fenix as Òa world class projectÓ capable of near-term production with a 30-year lifespan and considerable opportunity for expansion. Skye, which acquired the rights to the Fenix project in 2004, had said it completed a feasibility study for a ferro-nickel project using proven conventional smelting technology.
