Hudbay Minerals Inc. reports developments as a copper-focused critical minerals miner with producing operations in Peru and Canada and copper growth projects in the United States and Peru. Its operating portfolio includes the Constancia mine in Cusco, the Snow Lake operations in Manitoba and the Copper Mountain mine in British Columbia; copper is its primary metal, with gold production and by-product zinc, silver and molybdenum.
Recurring Hudbay news covers operating and financial results, production and cost guidance, mineral reserve and resource updates, mine-life and permitting matters, project development at Copper World, Mason and Llaguen, and balance-sheet actions such as senior note repayment and credit-facility use.
Hudbay Minerals (TSX, NYSE: HBM) has received approval from the Toronto Stock Exchange to initiate a Normal Course Issuer Bid (NCIB) for its common shares. The company is authorized to purchase up to 19,751,983 shares, representing 5% of its outstanding shares, for cancellation over a 12-month period from May 30, 2025 to May 29, 2026.
Daily purchases will be limited to 425,832 shares, with the possibility of one block purchase per week exceeding this limit. The share repurchases will be made through the TSX, NYSE, and other Canadian trading systems at market prices. Hudbay will fund the purchases using cash, cash equivalents, and operational cash flow. The company believes the market price may not fully reflect its underlying value and future prospects.
Hudbay Minerals (TSX, NYSE: HBM) announced the successful election of all nine nominated directors at its Annual and Special Meeting of Shareholders on May 20, 2025. The election results showed strong shareholder support, with all directors receiving over 98% approval. Peter Kukielski and John E.F. Armstrong received the highest approval rates at 99.83%, while Colin Osborne received 98.54%, the lowest but still overwhelmingly positive approval rate among the elected directors.
Hudbay has successfully completed its acquisition of Mitsubishi Materials Corporation's (MMC) 25% stake in Copper Mountain Mine, securing 100% ownership of the operation. The transaction involves an initial payment of US$4.5 million, with additional deferred and contingent payments to follow.
This strategic move strengthens Hudbay's position as the second-largest copper producer in Canada and reinforces its status as a North American copper champion. The company plans to review its Canadian corporate structure to generate tax synergies through the sharing of tax pools between various Canadian entities.
Despite the ownership change, Hudbay will maintain its relationship with MMC through existing offtake and secondee partnerships at the Copper Mountain mine. This consolidation aligns with Hudbay's strategy of increasing copper production in tier-1 mining jurisdictions.
Hudbay Minerals (TSX, NYSE: HBM) has signed an exploration agreement with the Mosakahiken Cree Nation (MCN) for activities in their territory, including the Talbot deposit near Snow Lake, Manitoba. The agreement aims to create jobs, economic opportunities, and ensure transparency in exploration activities.
The Talbot deposit contains indicated mineral resources of 2.2 million tonnes at 2.3% copper, 1.8% zinc, and 2.1 g/t gold, plus inferred resources of 2.5 million tonnes at 1.1% copper, 1.7% zinc, and 1.9 g/t gold. Its proximity to existing infrastructure could extend Snow Lake operations' mine life, currently lasting until 2037.
The Snow Lake operations are expected to produce 200,000 ounces of gold at cash costs of $750 per ounce in 2025, with an average of 193,000 ounces annually for the next three years. The operation holds 1.7 million ounces of gold in reserves and 1.3 million ounces in inferred resources.
Hudbay Minerals (TSX, NYSE: HBM) announces that Chief Financial Officer Eugene Lei has been awarded the Globe and Mail's Report on Business 2025 Best Executives Award for non-CEO leaders. Since his appointment as CFO in late 2022, Lei has significantly transformed the company's financial position through his '3-P' prerequisites plan.
Under Lei's leadership, Hudbay achieved remarkable financial milestones in 2024, including:
- Record annual free cash flow exceeding US$350 million
- Record annual adjusted EBITDA of US$823 million
- 50% reduction in net debt, decreasing by US$512 million from 2023
The company's enhanced financial performance and strengthened balance sheet position it favorably to advance its growth pipeline, marking the strongest financial position for Hudbay in over a decade.
Hudbay Minerals (TSX, NYSE: HBM) has announced it will host a conference call on Monday, May 12, 2025 at 11:00 a.m. ET to discuss its first quarter 2025 financial results. The company plans to release its Q1 2025 results via news release before the market opens on the same day.
The conference call will be accessible via webcast through www.hudbay.com or by dialing 1-833-752-3516 or 647-846-8185. An archived version of the audio webcast will be made available on the company's website following the call.