TORONTO -- The new chief executive at HudBay Minerals says the company will seek acquisitions and grow internally under new management in the wake of its failed takeover of rival Lundin Mining Corp.

"We're a company that I describe as being in a perfect storm,'' Peter Jones said in an interview yesterday with Business News Network.

"We have low market valuations for competitors and mining assets in our field, and we're a company that is sitting with approximately $700 million on our balance sheet.

"That leaves us in a position to be an acquiror for growth and also to look at organic opportunities inside the company to grow new deposits, for exploration and also where it might make sense for shareholders, any potential acquisitions of us that may become apparent.''

Blackmont Capital mining analyst George Topping said HudBay will likely focus on bringing internal assets online, including the Reed Lake deposit and the Lalor Lake deposit, both in northern Manitoba.

The company has been continually operating in northern Manitoba for 80 years and is looking at expanding its zinc deposits there, Jones said.