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Hudbay Minerals Inc. (TSX, NYSE: HBM) is a leading Canadian integrated mining company dedicated to the discovery, production, and marketing of base and precious metals. With operations spanning across North and South America, Hudbay is principally focused on copper, which constitutes more than half of its revenue, alongside gold, silver, and zinc.
Hudbay's core operations include major mining sites in Manitoba, Canada; Arizona, United States; and Peru. The company produces copper concentrate that includes not only copper but also valuable by-products such as gold and silver. These concentrates are sold to smelters across Asia, America, and Europe, while zinc metal—another significant revenue source—is sold to industrial customers across North America.
Hudbay is committed to maximizing shareholder value through efficient operations, organic growth, and strategic acquisitions. The company is a member of both the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, reflecting its strong market position and commitment to high standards of corporate governance and sustainability.
Recent achievements include significant advancements in mineral reserve and resource estimates, with updated long-term metal prices underpinning economic viability. Hudbay has also demonstrated strong financial health, maintaining a robust balance sheet and clear financial performance measures. The Copper World project in Arizona stands out as a key milestone, expected to generate substantial local economic benefits and create numerous jobs.
Partnerships and Sustainability: Hudbay has entered into a Project Labor Agreement with several unions to ensure skilled local labor for the Copper World Mine. The company is also focused on sustainability, aiming to reduce greenhouse gas and sulfur emissions by producing 'Made in America' copper cathode, which will lessen the need for overseas processing.
Hudbay’s purpose is encapsulated in its mission statement: "We care about our people, our communities, and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives, and create better futures for communities." This mission is evident in their community-focused projects and stringent environmental standards.
Arizona Sonoran Copper Company (ASCUF) has announced a strategic private placement with Hudbay Minerals, who will subscribe for 11,852,064 common shares at C$1.68 per share, totaling C$19.9 million (~US$13.8 million). The issue price represents a 15% premium to the 5-day VWAP on TSX as of January 7, 2025.
Following the placement expected to close around January 30, 2025, Hudbay will increase its ownership from 2.12% to 9.99% in ASCU. The proceeds will fund drilling, exploration, technical studies, and advancement of the Cactus copper project in Arizona.
The agreement includes an investor rights agreement granting Hudbay participation rights in future equity financings, observer rights at technical committee meetings, and information access rights. Hudbay agrees to vote in alignment with ASCU's board recommendations for 2025 and 2026 annual meetings.
Hudbay Minerals (TSX, NYSE: HBM) has received the final major permit, the Air Quality Permit, for its Copper World project from the Arizona Department of Environmental Quality. The project is expected to produce 85,000 tonnes of copper annually over a 20-year mine life.
The company has now secured all three key state permits: the Mined Land Reclamation Plan, Aquifer Protection Permit, and Air Quality Permit. The project represents a $1.7 billion capital investment and is projected to become the third largest cathode producer in the U.S., with production intended for domestic customers.
Over its initial 20-year lifespan, Copper World is expected to contribute more than $850 million in U.S. taxes, including $170 million to Arizona. The project will create over 400 direct jobs and up to 3,000 indirect jobs. Hudbay plans to make a project sanctioning decision in 2026, following completion of a definitive feasibility study in early 2026 and securing a minority joint venture partner in 2025.
Hudbay Minerals (TSX, NYSE: HBM) announced a transition in its Board leadership, with Stephen A. Lang stepping down as Chair due to health reasons, effective January 1, 2025. David S. Smith, current independent director, has been appointed as the new Board Chair.
Lang, who served as Chair since October 2019, will remain on the Board as an independent director. During his tenure, Hudbay achieved significant milestones, including strong free cash flows in Peru and Manitoba, the acquisition of Copper Mountain mine, and advancement of the Copper World project.
Smith, who joined the Board in May 2019, brings nearly 40 years of financial and executive leadership experience in the mining sector. His background includes roles as CFO of Finning International Inc. and Ballard Power Systems, executive positions at Placer Dome Inc., and currently serves as Board Chair of IAMGOLD
Hudbay Minerals reported strong Q3 2024 results with record gold production and improved cost performance. The company achieved consolidated copper production of 31,354 tonnes and gold production of 89,073 ounces, representing increases of 10% and 52% respectively from Q2 2024. Financial highlights include revenue of $485.8 million and net earnings of $49.8 million. Cash costs improved significantly to $0.18 per pound of copper. The company reaffirmed its 2024 production guidance while improving cost guidance, with consolidated cash cost now expected between $0.65-$0.85 per pound. Cash position strengthened to $483.3 million with net debt reduced to $625.6 million.
Hudbay Minerals (TSX, NYSE: HBM) has announced a conference call to discuss its third quarter 2024 results. The call is scheduled for Wednesday, November 13, 2024, at 11:00 a.m. ET. Senior management will host the call, which will be accessible via webcast at www.hudbay.com or by dialing 1-844-763-8274 or 647-484-8814.
The company plans to release its Q3 2024 results before market open on November 13, 2024, and will post the news release on its website. An archived audio webcast of the call will be available on Hudbay's website following the event.
Hudbay Minerals Inc. (TSX, NYSE: HBM) has reached a final settlement in three civil lawsuits related to alleged actions in Guatemala in 2007 and 2009. This settlement concludes all outstanding legal matters from Hudbay's former activities in Guatemala. The company was named in the suits due to its ownership of the Fenix nickel project, acquired in 2008 and divested in 2011.
The settlement, agreed without admission of liability, acknowledges the differing views on the allegations. Hudbay's CEO, Peter Kukielski, expressed satisfaction in resolving these decade-long matters, recognizing the plaintiffs' difficult circumstances. The company emphasizes its commitment to responsible community engagement and human rights, as outlined in its Human Rights Policy and adherence to sustainable mining practices.
Hudbay Minerals (TSX, NYSE: HBM) has received an Aquifer Protection Permit for its Copper World project from the Arizona Department of Environmental Quality. This marks a significant milestone in the project's advancement, which is expected to produce 85,000 tonnes of copper annually over a 20-year mine life. The company is now awaiting the Air Quality Permit, the last key state-level permit required.
Copper World is projected to increase Hudbay's consolidated annual copper production by over 50% and contribute to the U.S. domestic copper supply chain. The project is expected to create more than 400 direct jobs and up to 3,000 indirect jobs in Arizona, while contributing an estimated $850 million in U.S. taxes over its initial mine life.
Hudbay has made significant progress in its financial planning, reducing net debt and improving its balance sheet flexibility. The company plans to commence a minority joint venture partner process after receiving the final permit, with a potential sanctioning decision expected in early 2026.
Hudbay Minerals released its Q2 2024 financial results, showing solid performance and improved guidance. The company produced 28,578 tonnes of copper and 58,614 ounces of gold, reflecting a 32% and 20% increase year-on-year, respectively. Consolidated cash cost per pound of copper was $1.14, with sustaining cash cost at $2.65.
Full-year production guidance for 2024 was reaffirmed, with copper expected at 137,000-176,000 tonnes and gold at 263,000-319,000 ounces. The company improved its annual operating cost guidance to $0.90-$1.10 per pound of copper.
Hudbay's revenue for Q2 was $425.5 million, but it reported a net loss of $16.6 million due to high tax expenses. Operating cash flow before changes in non-cash working capital stood at $122.0 million.
The successful equity offering raised $386.2 million, aiding in a $405.9 million reduction in net debt, which now stands at $631.8 million. Total liquidity increased to $948.5 million.
Engine Capital LP, a significant shareholder of C&C Group Plc, has nominated two candidates for election to the company's Board of Directors at the 2024 Annual General Meeting. This decision comes after years of underperformance by C&C Group, including succession missteps, strategic mistakes, and financial disappointments. Engine Capital cites the company's consistent underperformance compared to the FTSE 250 Index and peer group averages across various timeframes.
The nominated candidates are Ryan Dubin, an investment professional with experience in finance and M&A, and Alan Hibben, a corporate director with expertise in capital allocation and corporate governance. Engine Capital believes these additions will bring necessary financial skills and a shareholder mindset to the board, addressing concerns about the current directors' lack of urgency and minimal share ownership.
Hudbay Minerals Inc. (TSX, NYSE: HBM) has announced a conference call scheduled for Tuesday, August 13, 2024, at 11:00 a.m. ET to discuss the company's second quarter 2024 results. The company plans to release its Q2 2024 results before the market opens on the same day. Interested parties can join the call via webcast at www.hudbay.com or by dialing 1-844-763-8274 or 647-484-8814. An archived audio webcast will be available on Hudbay's website following the call, providing investors and analysts with an opportunity to review and discuss the company's financial performance for the quarter.
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