Ian Masterton-Hume

The Group's principal activity is that of a mining development and exploration company. It currently focuses its resources primarily on the development of San Cristobal Project in Bolivia. San Cristobal is an open-pit silver-zinc-lead deposit, containing approximately 450 million ounces of silver, eight billion pounds of zinc and three billion pounds of lead in proven and probable reserves. San Cristobal is expected to produce approximately 17 million ounces of silver, 225,000 tonnes of zinc and 82,000 tonnes of lead per year on a payable basis in the first five years of operation. The project currently has sufficient reserves to operate for approximately 16 years with a current design capacity of 40,000 tonnes of ore per day. The Group also holds an extensive portfolio of highly prospective exploration properties located primarily in the traditional precious metals-producing regions of Argentina, Peru, Mexico and Bolivia.

HudBay Peru, Inc. provides exploration and mining services. It acquires and develops mineral exploration properties. The company was founded by Marc E. Levy on June 10, 1977 and is headquartered in Vancouver, Canada.

Era Resources, Inc. operates as an exploration company. The firm engages in the exploration and mining of gold, copper and molybdenum. Its project includes Yandera Copper Project. The company was founded on February 6, 2002 and is headquartered in George Town, Cayman Islands.

Andean Resources Ltd. operated as a mineral resource company. The company was headquartered in Fremantle, Australia.

Marengo Mining Ltd. engages in the exploration and development of mineral properties. The company was founded on February 6, 2002 and is headquartered in West Perth, Australia.