The Toronto-based miner says it has agreed with Waterton Global Resource Management on a slate of 11 board of director candidates for the company's May 7 annual meeting.

The slate includes seven incumbent directors, one Hudbay nominee, one shared nominee and two Waterton nominees.

Hudbay board chairman Alan Hibben will also step down once a new chairman is selected, but will stay on the board until the company's 2020 annual meeting.

RBC Capital Markets analyst Sam Crittenden says the settlement represents a good outcome and creates certainty on the direction of the company. It also removes the risk that Waterton would abruptly sell its 12-per-cent stake in the company.

The dispute over leadership at the company had turned acrimonious at times between Hudbay and Waterton, including a lawsuit and accusations of predatory schemes.