TORONTO — HudBay Minerals Inc. will “aggressively” pursue development of the Lalor deposit in northern Manitoba while exploring global acquisition opportunities under its new strategic plan, the company's CEO says.

HudBay CEO Peter Jones said at the company's annual meeting that HudBay, which announced this week it will close its copper smelter and a copper refinery next year, will now pursue a two-fold strategy for growth going forward.

The primary focus will be on developing Lalor, making the Flin Flon region of northern Manitoba the company's “cornerstone.”

Other activities in this region will include ongoing exploration and evaluation of the viability of the shuttered Chisel North mine going forward.

The company will also pursue global acquisition oppotunities, Mr. Jones said.

HudBay said Thursday that it will close its copper smelter in Flin Flon in 2010.