TORONTO (Reuters) - HudBay Minerals said on Friday that a significant acquisition or joint venture is a top priority for the company, and a return of cash to shareholders is not currently being considered.

The news pulled the company's shares down about 1.8 percent, or 14 Canadian cents, to C$7.70 on the Toronto Stock Exchange.

"A key milestone will be the announcement of a significant acquisition or joint venture transaction," HudBay Chief Executive Peter Jones said in the text of prepared remarks for HudBay's annual shareholder meeting in Toronto.

"We do not believe it is appropriate to commit to a specific timetable, but I can confirm that it is a top priority."

In a separate release, Toronto-based HudBay said it planned to build its presence in its home base of the Flin Flon greenstone belt in the Canadian province of Manitoba, and expected to release a plan for its Fenix nickel project in Guatemala in early 2010.

Jones began his second turn as CEO of the base metals miner in March after a disastrous attempt to take over Lundin Mining prompted the previous management to step down.

Jones was initially pushed out as CEO in January 2008 after failing to deliver on promises to make acquisitions.