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TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) is pleased to announce the completion of the previously announced acquisition of Mitsubishi Materials Corporation’s (“MMC”) 25% interest in Copper Mountain Mine (BC) Ltd. (the “Transaction”). As a result of the Transaction, Hudbay now owns 100% of the Copper Mountain mine. Hudbay has made the initial US$4.5 million cash payment to MMC with the remaining deferred and contingent cash payments to be made in accordance with the terms of the purchase agreement, as described in Hudbay’s March 27, 2025 news release.
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The consolidation of the Copper Mountain mine further supports Hudbay’s strategy of increasing its copper production in tier-1 mining jurisdictions. The additional attributable production from the Copper Mountain mine reinforces Hudbay’s position as the second largest copper producer in Canadai and further strengthens its position as a North American copper champion.
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With the closing of the Transaction, Hudbay has initiated a review of its Canadian corporate structure which is anticipated to generate tax synergies through the sharing of tax pools between its various Canadian entities.
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Hudbay values its longstanding relationship with MMC and looks forward to continued collaboration with MMC at the Copper Mountain mine through its offtake and secondee partnerships.
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Forward-Looking Information
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This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, expectations regarding the potential tax synergies associated with the Transaction. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
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The material factors or assumptions that Hudbay identified and were applied by the Company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, realizing the tax related benefits of the Transaction.
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The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), risks associated with Hudbay’s stabilization and optimization initiatives at Copper Mountain and regulatory, stakeholder and landholding risks associated with the New Ingerbelle expansion, as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent annual information form, a copy of which has been filed under Hudbay’s profile on SEDAR+ at www.sedarplus.ca and the Company’s Form 40-F, a copy of which has been filed under Hudbay’s profile on EDGAR at www.sec.gov.
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