September 19, 2014 2:18 PM ET

Metals and Mining

Company Overview of Hudson Bay Mining & Smelting Co. Limited

Company Overview

Hudson Bay Mining & Smelting Co. Limited engages in mining and producing copper, zinc, and precious metals. It operates three mines, two concentrators, a copper smelter, and a zinc pressure leach plant. The company was founded in 1927 and is based in Winnipeg, Canada. Hudson Bay Mining & Smelting Co. Limited operates as a subsidiary of HudBay Minerals, Inc.

201 Portage Avenue

Suite 1906

Winnipeg, MB R3B 3L3

Canada

Founded in 1927

Phone:

204-949-4261

Fax:

204-942-8177

Key Executives for Hudson Bay Mining & Smelting Co. Limited

Chief Executive Officer and President
Age: 66
Compensation as of Fiscal Year 2014.

Hudson Bay Mining & Smelting Co. Limited Key Developments

Callinan Royalties to Recommence Litigation and File Amended Claim Against Hudson Bay Mining & Smelting Co. Ltd

Callinan Royalties Corporation will recommence litigation and file an amended statement of claim in the Manitoba court of Queen's Bench in its lawsuit against Hudson Bay Mining & Smelting Co. Ltd. The amended statement of claim will seek additional damages arising from the improper destruction of documents and financial records by Hudbay which effectively prohibited Callinan from conducting an independent audit of Hudbay's records as was agreed with Hudbay.

Callinan Royalties Corp Recommences Litigation Against Hudson Bay Mining &Smelting Co

Callinan Royalties Corporation reported that it has provided the required 30 day notice of recommencing litigation to Hudson Bay Mining &Smelting Co., Limited. Law suit, which was commenced in 2007 in the Manitoba Court of Queen's Bench, Callinan alleged that Hudbay had not properly accounted to Callinan for the Net Profits Interest under the Net Profits Interest and Royalty agreement with Hudbay dated January 1, 1988. The agreement covers past and present mining areas that include Hudbay's 777 mine, currently in production, as well as the 777 North mine, which recently commenced production. The lawsuit was prolonged while Callinan pursued an application against Deloitte &Touche, LLP Hudbay's auditor for production of Deloitte's working papers prepared in connection with Deloitte's annual audit of the NPI and opinion to the effect that the NPI had been properly calculated. Although the application did not initially succeed, Callinan prevailed on appeal and production of the working papers was ordered by the Manitoba court. On September 09, 2011, Callinan reported that it had executed a standstill agreement with Hudbay, which placed in abeyance Callinan's lawsuit in respect of its Net Profits Interest and Royalty agreement with Hudbay dated January 1, 1988 while Callinan conducted an independent audit. Under the standstill agreement, Callinan initially planned to audit the NPI calculations for four selected years, namely 1993, 2003, 2004 and 2007. Callinan retained Grant Thornton LLP to conduct the independent audit. Hudbay agreed to cooperate with the auditors and to supply all available documents reasonably requested for the audit. In return, Callinan had agreed to hold the lawsuit in abeyance during the conduct of the audit while retaining the right at its sole discretion to terminate the audit and proceed with the lawsuit on reasonable notice in writing to Hudbay of not less than 30 days. On February 26, 2013, Callinan reported that the independent audit by Grant Thornton of the NPI calculations could not be completed as planned. Audit work for the four initially selected years as well as a partial audit of 2011 had been protracted as much of the source material evidencing entries from the originally selected early years is not available from Hudbay. Therefore, the audit work conducted is incomplete and inconclusive in nature. The Board of Directors of Callinan subsequently undertook a review to determine the next course of action. Alternatives included, but were not be limited to, conducting additional audit work, engaging in discussions with a view to a resolution of outstanding issues, or providing notice in writing to Hudbay and proceeding with litigation. The Board of Directors of Callinan has elected to recommence litigation against Hudbay and the Company does not intend to disclose information from the incomplete audit work conducted or report any developments with respect to the litigation unless required by regulation or law and until its Board of Directors otherwise deems that disclosure is appropriate.

Similar Private Companies By Industry

Company Name Region
Roto Fasco Canada, Inc. Americas
Forage Azimut Inc. Americas
Northland Metals Corp. Americas
Global Copper Corp. Americas
Mozambique Gold Corp. Americas

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
NYC2012, Inc. United States
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Hudson Bay Mining & Smelting Co. Limited, please visit --. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.