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Production at Hudbay flagship mine, the 777 in Flin Flon, Man. (Brian Pieters)
Production at Hudbay flagship mine, the 777 in Flin Flon, Man. (Brian Pieters)

Agnico CFO takes top job at HudBay Add to ...

HudBay Minerals Inc. has appointed David Garofalo as its new president and chief executive officer, the fourth person to hold that position in less than two years.

Mr. Garofalo has been most recently chief financial officer of Agnico-Eagle Mines Ltd. , a Toronto-based gold miner where he's been employed since 1998.

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He takes on the new position at HudBay effective July 12.

HudBay has historically been focused primarily on the discovery, production and marketing of base metals in Canada, the United States and Central America.

Under a previous chief executive, Peter Jones, HudBay embarked last year on a $450-million gold and base-metals project in northern Manitoba at the company's Chisel North mine.

Mr. Jones, who had led the company from 2002 to 2008, had returned after a 14-month hiatus to replace Allen Palmiere in March, 2009.

Mr. Palmiere had backed a plan for HudBay to buy and merge with Lundin Mining Corp. and was eventually ousted after a nasty proxy battle for control of HudBay's board.

Mr. Jones left HudBay in November and Michael Winship, the company's president and chief operating officer, also resigned, raising questions about where HudBay was headed.

Warren Holmes has been executive vice-chairman and interim CEO since November.

HudBay noted that Mr. Garofalo has a number of accolades to his name, including being chosen Canada's 2009 CFO of the Year by Financial Executives International Canada.

"We are extremely pleased to have someone of David's caliber and reputation joining us to lead the company into the future," said G. Wesley Voorheis, chairman of HudBay's board of directors.

"His track record in the mining industry and experience helping lead a company through a rapid period of growth will serve him well as he joins HudBay at this exciting juncture in its history. He is recognized as an outstanding executive in the mining industry and is ideally suited to lead our management team and work with our Board of Directors to create value for our shareholders."

 
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