- Average annual copper production of 46,500 tonnes over the first five years with cash costs of $1.89 i per pound, and 45,000 tonnes over the first 10 years with cash costs of $1.72 i per pound.
- Represents an approximate 90% increase over 2022 production levels and 50% decrease from 2022 cash costs as a result of the implementation of Hudbay's operational efficiencies as part of its stabilization and optimization plans.
- Mine plan reflects Hudbay's plans to stabilize the operation by remobilizing idle haul trucks, opening additional mining faces and accelerating stripping over the next three years, optimizing ore feed to the plant and implementing plant improvement initiatives.
- On track to deliver more than $20 million in targeted annual operating efficiencies and $10 million in corporate synergies over the next three years.
- Efficient capital utilization with minimal capital investment required to expand the mill throughput to the permitted limit of 50,000 tonnes per day.
- Copper Mountain is expected to increase Hudbay's annual copper production by approximately 50% after 2025 ii .
- Copper Mountain provides additional leverage to gold with approximately 49,500 ounces of annual gold production on average over the next 10 years.
- Mineral reserve estimates of 367 million tonnes at a copper grade of 0.25% and gold grade of 0.12 grams per tonne support a 21-year mine life and position Copper Mountain as the longest life producing asset in Hudbay's portfolio.
- Additional 140 million tonnes of measured and indicated resources at 0.21% copper and 0.10 grams per tonne gold and 370 million tonnes of inferred resources at 0.25% copper and 0.13 grams per tonne gold, exclusive of mineral reserves, provide significant upside potential for reserve conversion and extending mine life, with infill drilling planned for 2024.
- The technical report represents Hudbay's base case mine plan after acquisition and there are numerous technical studies underway to further enhance the production profile, reduce mining costs and continue process optimization.
Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that it has completed a National Instrument 43-101 technical report in respect of its 75%-owned Copper Mountain mine in British Columbia, Canada. This is Hudbay's first technical report for the Copper Mountain mine since acquiring Copper Mountain Mining Corporation ("CMMC") in June 2023. All dollar amounts are in US dollars, unless otherwise noted.
"We are pleased to release our first mine plan for Copper Mountain which demonstrates the meaningful copper production this long-life asset brings to our operating platform and the unique opportunity we have to leverage our efficient operating capabilities to drive value," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "We have applied our proven reserve and resource estimation methodology to develop a prudent and reliable mine plan and are now positioned to implement several operating enhancements to transform Copper Mountain into a stable cash flow generator for our business. With the addition of Copper Mountain, we expect to maintain annual consolidated copper production above 150,000 tonnes through to the end of the decade and are better positioned to achieve our deleveraging objectives and deliver on future copper growth. This increased scale and diversification enhances the company's ability to prudently advance our organic growth pipeline of brownfield expansion and greenfield development opportunities in tier-one mining jurisdictions."