HBM - Hudbay rallies on Copper World permitting progress

2023-04-05 14:55:02 ET

Hudbay Minerals ( NYSE: HBM ) +4.7% in Wednesday's trading as it moves closer to the Phase 1 start of its Copper World complex in Arizona, after positive permitting determined the project will not face the same water permit difficulties encountered by the Rosemont project.

Hudbay ( HBM ) said it received confirmation from the U.S. Army Corps of Engineers that its previous surrender of the Section 404 Clean Water Act permit for the former Rosemont project was formally accepted and revoked as requested.

The miner said it expects to be awarded the final two Copper World permits - an aquifer protection permit and an air quality permit - this year.

Hudbay ( HBM ) also said it plans to initiate a minority joint venture partner process after finalizing the receipt of permits, which would allow the potential JV partner to participate in the design and funding of definitive feasibility study activities in 2024.

Some 60% of Hudbay Minerals' ( HBM ) revenue is attributable to copper sales, and the recent turbulence in copper prices is pressuring the stock, Aitezaz Khan writes in an analysis posted recently on Seeking Alpha .

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