Hudbay Minerals Inc. investor Waterton Global Resource Management is seeking a meeting with the miner to discuss replacing its board members, Bloomberg News reported Oct. 18, citing a source familiar with the matter.

Waterton had expressed its concerns to Hudbay Chairman Alan Hibben, saying it will reserve the right to do anything necessary to boost Hudbay's performance, the source said.

The investor now owns about a 7% stake in Hudbay, up from 4.8%, the source told Bloomberg.

Hudbay has invited Waterton to meet with some of its directors, following a brief first meeting Aug. 31, a Hudbay representative said in a statement.

"Hudbay's management and board routinely engage with shareholders and carefully considers their input," the representative said. "To the company's knowledge, the shareholder you mention has been invested in the company for a short time."

A Waterton representative declined to comment on the matter.

Waterton called for a moratorium on any mergers and acquisitions after Bloomberg previously reported that had Hudbay entered into discussions to acquire Mantos Copper SA

Waterton outlined its opposition to the deal in a public letter Oct. 4. The Canadian private equity firm is concerned that Hudbay has not guaranteed it will not pursue the transaction in any form, the source said.

Hudbay's shares have fallen about 45% this year amid a slide in copper and zinc prices.