Movement Alert｜HudBay Minerals Falls 7.84% in Regular Trading, Copper World Approval Shifts Focus to Capital Spending Burden

Market Focus10-23

On October 23, HudBay Minerals fell 7.84% in Regular Trading, trading at $22.135/share, with turnover of $58.8162 million.

The move followed the company’s recent final investment decision with Mitsubishi to proceed with construction of the Copper World copper project in Arizona, prompting investors to reassess near- to medium-term cash flow pressure from development spending and financing execution.

HudBay said it holds a 70% stake in Copper World, while Mitsubishi owns 30%. Initial growth capital is estimated at $2.07 billion, construction is expected to take about 36 months, and first production is targeted for the second half of 2029. The disclosed funding package includes Mitsubishi’s $600 million initial investment, a $230 million precious metals streaming deposit, $127 million of equipment financing, and about $650 million in debt financing, underscoring the scale of the buildout despite the project’s long-term production potential.

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