HudBay Minerals Acquires Hudson Bay Mining and Smelting

On December 21, 2004, HudBay Minerals Inc. (formerly ONTZINC Corp.) acquired Hudson Bay Mining and Smelting Co., Ltd. from Anglo American International, SA. To fund the acquisition, HudBay Minerals completed an offering of subscription receipts for gross proceeds of approximately $143 million, and a subsidiary of HudBay completed an offering of 9.625 per cent senior secured notes due January 15, 2012, for gross proceeds of US$175 million. In connection with the offering of subscription receipts, GMP Securities Inc. led a syndicate that included Canaccord Capital Corp., Haywood Securities Inc., Orion Securities Inc., Harris Partners Ltd., McFarlane Gordon Inc. and Northern Securities Inc. In connection with the sale of the notes, Credit Suisse First Boston acted as the sole bookrunner.

HudBay Minerals was represented by Cassels Brock & Blackwell LLP with a team led by Sheldon Plener (corporate) and Cameron Mingay (securities), and included Brian Dominique, Erik Goldsilver and Cheryl Silver (business), Joe Mannone, Howard Burshtein, Patrick Gleeson, André Boivin and Brad Chapman (securities), Bruce Bell and Tilly Gray (financial services), Lorne Saltman (tax), Ian Blue, Q.C., (environmental), Mark Nicholson and Jason Klein (competition) and John O'Reilly (labour and employment).

Shearman & Sterling LLP acted as US counsel for the financings with a team composed of Christopher Cummings, David Wilson, Bob Nguyen, Tania Garcia-Eaton, Carole Dagher, Stephen Luck and Tasmin Waley. HudBay Minerals was also represented by MacPherson Leslie & Tyerman LLP in Saskatchewan with a team composed of Dan Anderson, John Dipple, Doug Osborn, Grant Marshak and Kelly Caruk, and by Thompson Dorfman Sweatman LLP (TDS) in Manitoba with a team composed of Sean Kells and Barry MacTavish.

Anglo American International was represented by Fasken Martineau DuMoulin LLP with a team composed of Robert Shirriff, Q.C., (mining), Bruce Blain and Bozidar Crnatovic (corporate/securities), Doug New (competition), William Bies (tax), Charles Kazaz (environmental), Peggy McCallum and Richard Johnston (pensions and benefits), Donald Milner and Edmond Lamek (insolvency) and Ralph Nero (labour).

Hudson Bay Mining and Smelting Co. Ltd. was represented by TDS under the direction of general counsel, Brian D. Gordon. The TDS team included Michael Sinclair, Q.C., Garry Brickman, Q.C., Denny Kells, Jim Edmond, Jeffrey Kowall, Sheryl Rosenberg, Cheryl Walker and Michael Jason.

Credit Suisse First Boston and GMP Securities Inc. were represented in Canada by Ogilvy Renault with a team composed of Andrew Fleming, Dawn Whittaker, Andrew Welsh, Paul Fitzgerald and Kruti Patel; and in the US by Skadden, Arps, Slate, Meagher & Flom LLP with a team composed of Christopher Morgan, Jonathan James, Sally Whitehead, Karen Papadopoulos and Eric Spindel.


Lorne H. Saltman Jonathan G. James Andrew Fleming Dawn P. Whittaker John A. Dipple Mark J. Nicholson Douglas L. Osborn Tania I. Garcia-Eaton William J. Bies Ian A. Blue Brian P. Dominique Sean Rimoin Michael C. Jason Donald E. Milner Cheryl Silver Richmond J. Bayes Sheldon Plener Bruce C. Bell Peter A. Wong Howard J. Burshtein Garfield (Garry) V. Brickman Eric Spindel Andrew Welsh Barry N. MacTavish Danny R. Anderson James G. Edmond Jason Klein Hugh R. Scher Ralph N. Nero Kelly L. Caruk Cameron A. Mingay André Boivin D. Sean Kells Christopher J. Cummings Charles Kazaz Richard E. Johnston Erik Goldsilver Bozidar Crnatovic S. Bruce Blain John C. O'Reilly Ray Di Gregorio Christopher W. Morgan Peggy A. McCallum Edmond F.B. Lamek Douglas C. New


Cassels Brock & Blackwell LLP Shearman & Sterling LLP MLT Aikins LLP Hodgson Russ LLP Fasken Martineau DuMoulin LLP TD Securities Inc. Norton Rose Fulbright Canada LLP Skadden, Arps, Slate, Meagher & Flom LLP