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Hudbay Minerals Inc.

TSX:HBMLive AI agent

Hudbay is a copper-focused critical minerals mining company with over a century of expertise in the mining cycle.

Investor website: https://hudbayminerals.com/

About

Hudbay is a copper-focused critical minerals mining company with over a century of expertise in the mining cycle. It operates three long-life mines in Canada, Peru, and the United States, producing copper as its primary metal, along with gold, zinc, silver, and molybdenum. The company is committed to sustainable practices and community relations, aiming to create value for stakeholders while minimizing its environmental footprint.

Verified company data

Cash position
$890.9 million
Mineral resource
Current mineral reserve estimates total 488 million tonnes at 0.24% copper containing approximately 1.2 million tonnes of copper, after deducting 2025 mining depletion. The expected mine life of Constancia is now until 2040 as mill throughput rates are expected to increase to more than 90,000 tonnes per day starting in the second half of 2026 with the installation of two pebble crushers and related permit amendments. These initiatives are intended to optimize the utilization of existing infrastructure and support improved long-term operating performance. In 2025, Hudbay optimized the mine plan during a period of social unrest by prioritizing Pampacancha mining activities and supplementing mill ore feed from low-grade stockpiles. Following the accelerated depletion of Pampacancha, mining activities at Pampacancha were completed in the fourth quarter of 2025. The remaining stockpiled Pampacancha ore was fully processed in early 2026 and the Company is now exclusively mining and processing ore from the Constancia deposit. Annual production at the Constancia operations is expected to average approximately 87,500 tonnes of copper and 18,500 ounces of gold over the next three years. This reflects steady copper production levels as higher mill throughput is expected to offset lower grades starting in 2026 after the completion of mining at Pampacancha in late 2025. Current mineral reserves and resources (exclusive of reserves) for Constancia and Pampacancha as of January 1, 2026 are summarized below. Constancia Operations Mineral Reserve and Resource Estimates: Proven Reserves: 458,800,000 tonnes at 0.243% Cu; Probable Reserves: 28,300,000 tonnes at 0.193% Cu; Total Proven and Probable: 487,100,000 tonnes at 0.240% Cu. Current mineral resources (exclusive of reserves) for Constancia: Measured: 106,300,000 tonnes at 0.232% Au; Indicated: 70,400,000 tonnes at 0.222% Au; Inferred – Open Pit: 27,700,000 tonnes at 0.271% Au; Inferred – Underground: 6,500,000 tonnes at 1.200% Au.
Projects
["Constancia Operations: Constancia is Hudbay’s 100% owned copper operation located in the province of Chumbivilcas in southern Peru. The Pampacancha high-grade satellite deposit was mined between 2021 and 2025 and provided a significant source of higher-grade mill feed in recent years until mining activities were completed in the fourth quarter of 2025. Current mineral reserve estimates total 488 million tonnes at 0.24% copper containing approximately 1.2 million tonnes of copper, after deducting 2025 mining depletion. The expected mine life of Constancia is now until 2040 as mill throughput rates are expected to increase to more than 90,000 tonnes per day starting in the second half of 2026 with the installation of two pebble crushers and related permit amendments. These initiatives are intended to optimize the utilization of existing infrastructure and support improved long-term operating performance. In 2025, Hudbay optimized the mine plan during a period of social unrest by prioritizing Pampacancha mining activities and supplementing mill ore feed from low-grade stockpiles. Following the accelerated depletion of Pampacancha, mining activities at Pampacancha were completed in the fourth quarter of 2025. The remaining stockpiled Pampacancha ore was fully processed in early 2026 and the Company is now exclusively mining and processing ore from the Constancia deposit. Annual production at the Constancia operations is expected to average approximately 87,500 tonnes of copper and 18,500 ounces of gold over the next three years. This reflects steady copper production levels as higher mill throughput is expected to offset lower grades starting in 2026 after the completion of mining at Pampacancha in late 2025. Current mineral reserves and resources (exclusive of reserves) for Constancia and Pampacancha as of January 1, 2026 are summarized below. Constancia Operations Mineral Reserve and Resource Estimates: Proven Reserves: 458,800,000 tonnes at 0.243% Cu; Probable Reserves: 28,300,000 tonnes at 0.193% Cu; Total Proven and Probable: 487,100,000 tonnes at 0.240% Cu. Current mineral resources (exclusive of reserves) for Constancia: Measured: 106,300,000 tonnes at 0.232% Au; Indicated: 70,400,000 tonnes at 0.222% Au; Inferred – Open Pit: 27,700,000 tonnes at 0.271% Au; Inferred – Underground: 6,500,000 tonnes at 1.200% Au."]
Leadership
Peter Kukielski (Chief Executive Officer, Over 30 years of global experience in mining, previously CEO of Nevsun Resources Ltd. and held senior roles at ArcelorMittal and Teck Resources.), Eugene Lei (President and Chief Financial Officer, Appointed in July 2026, has over 25 years of experience in mining finance and corporate development, previously CFO since October 2022.), Andre Lauzon (Chief Operating Officer, Appointed in January 2022, leads international operations and has over 25 years of experience in mining, previously VP of Arizona Business Unit.), Robert Carter (Senior Vice President, Canada - incoming Chief Operating Officer, Appointed COO in 2026, has 29 years of mining experience, previously Senior VP, Canada.), Candace Brule (Senior Vice President, Capital Markets & Corporate Affairs, Promoted in October 2025, has 18 years of experience in investor relations and corporate development.), Javier Del Rio (Senior Vice President and Head, Hudbay USA, Over 30 years of mining experience, previously Senior VP for South America and USA.), Patrick Donnelly (Senior Vice President, Legal and Organizational Effectiveness, Joined Hudbay in 2008, oversees legal and HR matters.), Mark Gupta (Senior Vice President, Corporate Development and Strategy, Joined in 2014, responsible for asset optimization and corporate strategy.), Olivier Tavchandjian (Senior Vice President, Exploration and Technical Services, Appointed in March 2023, has 25 years of experience in mineral resource estimation and exploration.), Warren Flannery (Vice President and Head, Arizona Business Unit, Joined in 2023, has nearly 30 years of experience in mine operations and project development.), Sebastien Fortin (Vice President and Head, British Columbia Business Unit, Appointed in 2026, has extensive experience in mining operations.), John O'Shaughnessy (Vice President and Head, Manitoba Business Unit, Appointed in June 2025, has 25 years of mining leadership experience.), Audra Walsh (Vice President and Head, South America Business Unit, Appointed in 2026, has over 30 years of international mining experience.)

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