Hudbay Minerals Inc. (HBM) Form 6-K — Oct 21, 2026
Hudbay Minerals and its 30% partner Mitsubishi have approved the final investment decision to construct the Copper World copper mine in Arizona, targeting first production in the second half of 2029. The definitive feasibility study outlines 102,000 tonnes of average annual copper production over the first 10 years at $1.65 per pound cash cost, with a Base Case after-tax NPV of $1.2 billion at $5.00/lb copper. Initial growth capital is $2.07 billion, prudently funded by Mitsubishi's $600 million JV investment, Wheaton's $230 million stream deposit, $127 million of equipment financing and roughly $650 million of project-level debt, deferring Hudbay's first capital contribution to 2028.
Key figures
- Debt Amount
- 650000000
- Deal Value Usd
- 2070000000
- First production
- second half of 2029
- Base case irr pct
- 16.8
- Base case npv8 usd m
- 1241
- Mitsubishi stake pct
- 30
- Reserve grade cu pct
- 0.47
- Extension case irr pct
- 18.8
- Reserves million tonnes
- 390
- Extension case npv8 usd m
- 2510
- Mine life base case years
- 15
- Wheaton stream deposit usd m
- 230
- Credit facility upsized usd m
- 700
- Mine life extension case years
- 37
- Capital intensity usd per tonne
- 22600
- Levered irr hudbay base case pct
- 32
- Avg annual ebitda base case usd m
- 661
- Mitsubishi initial investment usd m
- 600
- Levered irr hudbay extension case pct
- 44
- Avg cash cost usd per lb first 10 years
- 1.65
- Annual copper production first 10 years tonnes
- 102000
AI analysis
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