UPDATE 1-PDAC-HudBay eyes prospects with majors on sidelines

Wed Mar 6, 2013 2:16pm EST
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* Senior miners avoid M&A after unpopular deals

* Juniors struggling to survive, seek to be taken over

* Mid-tiers positioned to get first pick

* HudBay seeks next generation of projects

* HudBay shares up 2.1 percent at C$9.68 on TSX

By Julie Gordon

TORONTO, March 6 (Reuters) - Most of the world's top miners are shying away from takeovers this year, clearing the way for mid-tier producers like HudBay Minerals Inc to bid for assets coming up for sale, the company's CEO told Reuters at a Toronto mining convention.

Burned by costly deals made during the boom, most major metals companies have pledged to rein in costs or perhaps divest non-core assets.

That's a big shift from just two years ago, when soaring metal prices had the majors elbowing out the smaller guys to get their hands on the best projects, David Garofalo, chief executive of HudBay, said on the sidelines of the Prospectors and Developers Association of Canada (PDAC) convention in Toronto.   Continued...