Hudbay Cu output up, Zn down in 2024

Market: Metals
19/02/25

Canadian mining firm Hudbay Minerals produced more copper but less zinc and molybdenum in full-year 2024 than the prior year.

The firm produced 137,943 metric tonnes (t) of copper in 2024, a 4.7pc increase from 2023. Hudbay also produced 33,339t of zinc and 1,323t of molybdenum in 2024, marking 3.8pc and 15pc drops from 2023 totals, respectively.

Hudbay forecast copper production could slide by as much as 15pc to 117,000-149,000t in 2025. Zinc production is expected to contract by as much as 37pc to 21,000-27,000t of zinc production, while molybdenum is seen relatively unchanged at 1,300-1,500t in 2025.

Sales followed a similar trend, with Hudbay selling 125,094t of copper in 2024, a 0.8pc increase from the prior year. The company also sold 25,120t of zinc, a 13pc decrease, and 1,287t of molybdenum — a 12pc decrease year on year.

Copper concentrate inventories totaled 30,000t at the end of the fourth quarter, about double the normal level. Hudbay expects to sell down to normal inventory levels in the first quarter of 2025.

The miner continues moving forward on its Copper World project which it estimates will produce 85,000t/yr of copper over a 20-year mine life for the purpose of producing copper cathodes exclusively for domestic US consumers. Hudbay has obtained all necessary permits and plans to complete feasibility studies in the first half of 2026.

The Papacancha facility should reach depletion sometime in December 2025,

Hudbay reported a record annual revenue of $2.02bn in 2024, a $331mn jump from 2023. Profit shrank to $67.8mn, a $1.7mn drop from 2023.

By Cole Sullivan

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Hudbay Cu output up, Zn down in 2024

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