Hudbay Minerals Improves 2026 Cash Cost Guidance
The copper-focused miner reported second quarter revenue of $631.3 million and improved its full-year consolidated cash cost guidance to a range of $(0.45) to $(0.25) per pound of copper
Hudbay Minerals Inc. (HBM), a copper-focused critical minerals company, reported second quarter revenue of $631.3 million. The company generated $137.4 million in net earnings attributable to owners and $321.2 million in quarterly adjusted EBITDA.
Operating efficiencies and gold by-product credits allowed the company to lower its full-year 2026 consolidated cash cost guidance to between $(0.45) and $(0.25) per pound of copper, down from a previous range of $(0.30) to $(0.10). These credits and efficiencies more than offset external cost pressures from fuel and consumables. For the second quarter of 2026, the company achieved a consolidated cash cost of $(0.40) per pound of copper and a sustaining cash cost of $1.39 per pound.
Production remained steady during the quarter, with consolidated copper and gold production reaching 28,267 tonnes and 51,234 ounces, respectively. Peru operations produced 19,446 tonnes of copper and 5,282 ounces of gold, while Manitoba operations produced 40,344 ounces of gold and 2,366 tonnes of copper. The company reaffirmed its full-year 2026 production guidance of 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold.
Cash flow remained positive, with over $100 million in free cash flow generated during the second quarter and more than $200 million through the first half of the year. The company reported a trailing twelve-month adjusted EBITDA of $1.3 billion.
Hudbay is advancing its growth pipeline in the United States, with the Copper World project in Arizona on track for sanctioning later in 2026. The company also recently acquired the Cactus project in Arizona.
Leadership changes were announced alongside the results. Eugene Lei was appointed President and Chief Financial Officer, and Rob Carter was appointed Chief Operating Officer.