Hudbay

Hudbay Minerals Inc. is a Canadian mining company that produces copper, gold, silver, zinc, and molybdenum. In 2024, the company produced 137,943 tonnes of copper, 332,240 ounces of gold, 3,983,851 ounces of silver, 33,339 tonnes of zinc, and 1,323 tonnes of molybdenum.[2] In 2024, copper sales represented 57% of revenue, gold sales represented 33% of revenue, and zinc sales represented 4% of revenue.[2]

The company's major producing operations are the Constancia mine in Cusco, Peru; the Snow Lake operations in Snow Lake, Manitoba, Canada; and the Copper Mountain mine in British Columbia, Canada.[2] The Company’s pipeline includes the Copper World project in Arizona, United States; the Mason project in Nevada, United States, and the Llaguen project in La Libertad, Peru.[2] It also owns Rosemont Copper, a proposed large open pit copper mine project, which currently cannot be legally developed as it faces opposition from environmental groups on issues related to waste disposal, pollution, water contamination, and habitat destruction.

History

Hudson Bay Mining and Smelting Co.

The Flin Flon greenstone belt was discovered by David Collins, a local trapper, and shown to prospector Tom Creighton in 1915.[3] It was named after Josiah Flintabbatey Flonatin, a character in The Sunless City. The first claim was registered in 1915.[4]

In 1925, after unsuccessful attempts to develop the mine, Cornelius Vanderbilt Whitney (a member of the Whitney family of New York), along with Newmont Mining and Mining Corp of Canada, founded Hudson Bay Mining & Smelting (HBM&S), which acquired the Flin Flon property.[4][3] The huge, high grade ore body required large amounts of hydro energy, was isolated, and copper production required a smelter, leading to delays in production. In June 1930, the mine, smelter, hydroelectric dam and railroad finally went into operation.[4] In 1938, the company was listed on the New York Stock Exchange.[4] The company supplied the United States with metals during World War II.[4] In 1958, Hudbay opened its first mine in Snow Lake, 215 kilometres east of Flin Flon. Six years later, production began at Stall Lake Mine.[4] In the 1960s, Anglo American plc, a South African mining company, invested in the company.[4]

In the area near Flin Flon, the company started production at Anderson Lake in 1970 and discovered the Trout Lake deposit in 1974, which began production in 1982.[4] It opened a concentrator at Snow Lake in 1979.[4] In 1987, it discovered the Chisel North mine, which began production in 2001.[4] In 1992, Hudbay closed its original Flin Flon mine; however, that same year, as a result of underground exploration, Hudbay discovered a substantial orebody that became its flagship 777 mine in Flin Flon; it went into development in 1999.[4]

Hudbay Minerals

On December 21, 2004, OntZinc Corporation (formerly known as Pan American Resources) acquired HBM&S from Anglo American plc for C$316 million in cash and stock.[4] The company was then renamed HudBay Minerals and was listed on the Toronto Stock Exchange.[4]

In 2007, Hudbay located a significant zinc deposit near Snow Lake that became known as Lalor. The deposit also contained a large volume of gold, enough to support its own mine. Production began in 2012 and the mine officially opened in September 2014.[5]

In August 2008, Hudbay acquired Skye Resources, owner of the Fenix Nickel Project in Guatemala, a substantial brownfield lateritic nickel mine and process plant that has been on care and maintenance since 1980, for US$460 million.[6][7]

type	Public
traded as	tsx: HBM nyse: HBM
foundation	1996 (as Pan American Resources Inc.) 1927 (as Hudson Bay Mining and Smelting Co., Limited)‡R1R‡
location city	Toronto, Ontario
location country	Canada
key people	Peter Kukielski, President & CEO<BR>Eugene Lei, CFO
industry	Mining
products	Copper, gold, silver, zinc, molybdenum
revenue	US$2.021 billion (2024)
operating income	US$400 million (2024)
net income	US$76 million (2024)
assets	US$5.487 billion (2024)
equity	US$2.553 billion (2024)
num employees	94 in Toronto, 895 in Manitoba, 681 in British Columbia, 1,077 in Peru, and 56 in the United States (2024)
homepage	https://www.hudbayminerals.com/
footnotes	‡R2R‡

History

Hudson Bay Mining and Smelting Co.

Hudbay Minerals

Controversies

Environmental issues

Fatality at Lalor mine

Murders and rapes at former Guatemalan operations

External links

References