Hudbay releases three year copper and gold production targets
Hudbay Minerals Inc. [HBM-TSX, NYSE] has affirmed its 2026 production guidance and issued new output targets for 2027 and 2028, demonstrating increased copper and strong gold production from its operations in the Americas.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba and the Copper Mountain mine in B.C. Copper is the primary metal produced by the company, which is complemented by meaningful amounts of gold. The company’s growth pipeline includes the Copper World project in Arizona, the Mason project in Nevada, and the Llaguen project in La Libertad, Peru.
Consolidated copper production is expected to average 147,000 tonnes per year over the next three years, an increase of 24% from 2025 production. Consolidated copper production is expected to average 150,000 tonnes per year in 2027 and 2028, representing a 28% increase from 2026 production forecasts. This reflects the benefits from the expected completion of optimization efforts at Copper Mountain and mill throughput improvement projects at Constancia in 2026.
Hudbay said its consolidated gold production is expected to average 243,000 ounces annually over the next three years, reflecting continuing strong production in Manitoba and the expected contribution from New Ingerbelle in British Columbia, starting in 2028.
Copper Mountain’s expected mine life has been extended by two years to 2045, with significantly higher copper and gold production averaging 57,500 tonnes and 38,500 ounces, respectively, per year over 2027 and 2028, an increase of 92% and 43%, respectively from 2026 levels. This increase reflects higher mill throughput, higher grades from completion of the accelerated stripping program in 2026 and expected contribution of New Ingerbelle in 2028.
New Ingerbelle is a transformative development for Copper Mountain, designed to unlock access to higher grade gold mineralization while improving operational efficiency with a stripping ratio three times lower than current mining areas. Over the mine’s extended lifespan, it is projected to produced approximately 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver based on current reserves only.
Meanwhile, the company said a large exploration program in Snow Lake continues to execute a threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a potential new anchor deposit to meaningfully extend the mine life.
Also, Hudbay said a definitive feasibility study for Copper World is on track for completion in mid-2026, with a sanctioning decision also expected this year.
Hudbay was in the news recently when it announced the closing of a US$600 million strategic investment from Mitsubishi Corp. for a 30% joint venture interest in the Copper World Copper World copper-molybdenum-silver deposit in Arizona.
On Friday, Hudbay shares were almost unchanged, easing 0.15% or $0.04 to $26.01. The shares trade in a 52-week range of $38.94 and $8.49.