Hadbay Metals Company (HBM(TSX, NYSE) confirmed its 2026 production guidance and issued new production targets for 2027 and 2028, demonstrating strong copper and gold production growth from its operations in the Americas.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba and the Copper Mountain mine in British Columbia. Copper is the company’s primary metal, which is complemented by large amounts of gold. The company’s growth pipeline includes the Copper World project in Arizona, the Mason project in Nevada, and the Llaguen project in La Libertad, Peru.
Consolidated copper production is expected to average 147,000 tons per year over the next three years, an increase of 24% over 2025 production. Consolidated copper production is expected to average 150,000 tons per year in 2027 and 2028, representing a 28% increase over the 2026 production forecast. This reflects benefits from the expected completion of improvement efforts at Copper Mountain and mill productivity improvement projects at Constancia in Year 2026.
Hudbay said its consolidated gold production is expected to average 243,000 ounces per year over the next three years, reflecting continued strong production in Manitoba and the expected contribution from New Ingerbelle in British Columbia, starting in 2028.
The expected life of the Copper Mountain mine has been extended by two years to 2045, with copper and gold production significantly increasing by an average of 57,500 tons and 38,500 ounces respectively per year through 2027 and 2028, an increase of 92% and 43% respectively from 2026 levels. This increase reflects higher mill throughput, higher degrees of completion of the accelerated stripping program in 2026 and New Ingerbelle’s expected contribution in 2028.
New Ingerbelle is a transformative development for Copper Mountain, designed to open access to high-grade gold mineralization while improving operational efficiency with a stripping ratio three times lower than existing mining areas. Over the extended life of the mine, it is expected to produce approximately 750,000 tons of copper, 900,000 ounces of gold and 5.5 million ounces of silver based on current reserves alone.
Meanwhile, the company said a major exploration program at Snow Lake continues to implement a three-pronged strategy focused on near-mine exploration to increase near-term mineral production and reserves, testing satellite deposits for additional ore feed to leverage available capacity at the Stall Mill, and exploring the large land package for potential new anchor deposits to beneficially extend the life of the mine.
Hudby also said a final feasibility study for Copper World is on track to be completed in mid-2026, with a decision on sanctions also expected this year.
Hudbay was in the news recently when it announced the closing of a $600 million strategic investment from Mitsubishi Corp. for a 30% joint venture interest in Copper World’s Copper World copper, molybdenum and silver reserves in Arizona.
On Friday, Hudbay shares were virtually unchanged, falling 0.15%, or $0.04, to $26.01. Shares are trading in a 52-week range of $38.94 and $8.49.
