Our Business

Hudbay is a copper-focused company, though we benefit from our increasing exposure to gold and welcome the opportunities created by the other metals we mine. Our company was founded in northern Manitoba in 1927, and in the intervening years has demonstrated an exceptional ability for creating value across every stage of the mining lifecycle. We have assets throughout the Americas and are recognized as a dependable operator of long-life, low-cost mines everywhere we operate.

CEO Message

In 2020, like the rest of the world, Hudbay was confronted by the challenge of COVID-19. Thanks to the dedication of the many people across our organization, we were able to meet that challenge successfully and protect the well-being of our employees and communities while continuing our operations. Beyond COVID-19, 2020 was a year defined by delivery, in which we met our guidance, delivered on our commitments, made progress on key projects, and continued to invest in our organization and culture.

2020 was a year of investment – of financial resources, effort, time and planning. Combined with growing gold revenue and demand for copper, Hudbay is in a solid position as we move forward into the next decade.

Peter Kukielski

Key Accomplishments

Across Hudbay, the Company produced 95,333 tonnes of copper in concentrate, 118,130 tonnes of zinc in concentrate and 124,622 ounces of gold in concentrate.

Achieved unit operating cost guidance in both Manitoba and Peru, resulting in a consolidated cash cost per pound of copper produced of $0.60 and an all-in sustaining cost of $2.16 per pound.1

Advanced several near-term growth initiatives.

1 All-in sustaining cash cost per pound of copper produced, net of byproduct credits, is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under “Non-IFRS Financial Performance Measures” beginning on page 53 of Hudbay’s Management’s Discussion and Analysis filed February 18, 2021.

View Financial Performance

Business Activities

Manitoba Business Unit

Achieved record annual production at Lalor and Stall.

Fully funded the New Britannia investment through gold prepay and advanced project to 73% completion.

Identified opportunity to achieve higher production rates at Lalor beyond 4,500 tonnes per day.

map of Manitoba
Peru Business Unit

Completed the Consulta Previa process for Pampacancha and received the final mining permit for the development and operation of Pampacancha.

Encouraging Constancia North drill results showed potential for pit extension.

Advanced exploration on Quehuincha North and Llaguen targets.

map of Peru
Arizona Business Unit

Advanced Rosemont federal permits appeals process.

Initiated exploration drilling program on lands near Rosemont.

Consolidated land near Mason and advanced preliminary economic studies.

map of Arizona
Award
Hudbay’s Mason project received a 2020 Nevada Excellence in Mine Reclamation Award
SafeGuard
Constancia first mine in Peru to obtain SafeGuard certification, recognizing full compliance with all COVID-19 safety protocols
$45.3million
paid toward local procurement, buying goods and services from local and regional vendors, across our operations

Sustainability Approach

Factoring environmental, social and governance (ESG) concerns into our management and decision processes significantly improves our capacity to assess and mitigate risk and to identify and realize opportunities. ESG performance is an increasingly important consideration for investors, and Hudbay is well placed to respond to any questions or concerns. We are committed to transparent communication and have a proven and successful record in applying strong governance, operating in an environmentally sustainable way and building strong, mutually beneficial relationships with our communities and other stakeholders.

Our Values

Our values of dignity and respect, caring, openness and trustworthiness guide our efforts to promote an inclusive workplace that embraces the diverse backgrounds, experiences and perspectives that make us a stronger business. Our OneHudbay approach provides a crucial foundation for attracting and retaining diverse talent.