Hudbay Minerals expands copper dominance with Columbia permits and record revenue
Hudbay Minerals has strengthened its position as a leading North American copper producer with a series of key developments. The company recently secured expansion permits in Columbia, boosted production targets in Manitoba, and finalised a major joint venture for its Copper World project.
Recent financial results also show record revenue and improved cash flow, alongside a revised dividend policy and increased exploration funding.
Operational progress in Columbia saw Hudbay overcome maintenance delays to hit its December target of 300,000 tonnes per day. The company also received critical permits for the New Ingerbelle expansion, which will enhance production and secure long-term jobs at Copper Mountain.
In Manitoba, management confirmed a five-to-ten-year gold production target of 185,000 ounces annually. The Talbot deposit drilling program doubled the known mineralised area, with assay results for significant intercepts still pending. Meanwhile, feasibility work for Copper World remains on track, with a definitive study expected by mid-2026 and project approval targeted for the same year.
The company's financial performance improved with higher sequential production in Peru and record throughput in Manitoba. Cash costs fell, contributing to record revenue, adjusted EBITDA, and free cash flow. A $420 million joint venture with Mitsubishi for Copper World was also finalised, alongside Hudbay's first dividend increase. The new policy sets a quarterly payout of $0.01, totalling $0.04 annually.
Exploration spending will rise to $60 million, focusing on flagship programs in Manitoba's Snow Lake and Columbia's Ingerbelle. These moves come as Hudbay maintains its strong market standing, even as competitors like Teck Resources merge with Anglo American and Southern Copper reports significant stock gains.
Hudbay's expansion permits, production milestones, and financial growth reinforce its role in North America's copper sector. The company's increased exploration budget and joint venture funding will support future projects, while the revised dividend policy reflects its strengthened cash position. Further updates are expected as feasibility studies and drilling results progress.
