Hudbay Minerals reported that it achieved its full‑year 2025 production guidance for both copper and gold, with consolidated outputs of 118,188 tonnes of copper and 267,934 ounces of gold. The results were announced on January 16, 2026, and confirm that the company met the guidance ranges set by management despite a series of operational interruptions.
The company’s production mix reflected a mix of high‑grade and lower‑grade assets. Constancia in Peru delivered 85,155 tonnes of copper and 74,480 ounces of gold, while Snow Lake in Manitoba produced 9,249 tonnes of copper and 173,453 ounces of gold. Copper Mountain in British Columbia contributed 23,784 tonnes of copper and 20,001 ounces of gold. All three sites performed within the guidance limits, with Snow Lake’s gold output slightly below the upper end of its guidance range because of winter‑storm‑related outages.
Although the guidance was met, 2025 production fell from 137,943 tonnes of copper and 332,240 ounces of gold in 2024, a decline driven by the Peru social unrest that forced a temporary mill shutdown and by Manitoba wildfire evacuations that reduced operating hours. The company’s ability to absorb these disruptions and still hit its targets demonstrates operational resilience and effective risk management.
Management highlighted the role of the Pampacancha satellite deposit at Constancia, which produced high‑grade copper and gold in the fourth quarter and helped the mine exceed the upper end of its gold guidance. CEO Peter Kukielski said the “efficient mining of Pampacancha allowed us to far exceed the top end of the 2025 gold production guidance range in Peru.” The company also noted that the completion of the Copper World joint venture transaction in late 2025 strengthened its cash position to $992 million in pro‑forma cash and cash equivalents.
The results reinforce Hudbay’s strategy of expanding high‑quality, low‑cost assets while maintaining a strong balance sheet. The company’s consolidated cost guidance for 2025 has been revised upward multiple times, reflecting confidence in cost control even amid headwinds. Investors view the guidance achievement as a sign that Hudbay can continue to deliver predictable production and maintain its growth trajectory.
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