Hudbay Minerals reduced its annual cost forecast again, to copper cash costs after by-product credits of negative 55 to negative 35 cents per pound, from negative 45 to negative 25 cents, as its Copper Mountain mine in British Columbia generated positive quarterly free cash flow for the first time since Hudbay acquired it in 2023. Third-quarter revenue more than doubled to a record US$765.9 million, copper production rose 25 percent year on year to 30,152 tonnes and gold output rose 30 percent to 69,513 ounces, while adjusted profit of 34 cents a share came in just below the 36 cent analyst average.
Hudbay also lowered its sustaining cash cost forecast to US$1.40 to $1.80 per pound and expects sustaining capital spending to finish US$35 million below its US$435 million budget, with annual production guidance unchanged. The company and Mitsubishi approved construction of the Copper World project in Arizona on October 21, with initial growth capital of US$2.1 billion and first production targeted for the second half of 2029.