HBM - Hudbay wins exploration deal for satellite properties near Peru mine

Hudbay Minerals ( NYSE: HBM ) +2.2% in Thursday's trading after saying it reached an exploration agreement with the Uchucarcco community granting surface rights to two satellite properties near its Constancia mine in Peru.

Hudbay ( HBM ) said the satellite properties consist of a large, contiguous block of mineral rights held by the company and have the potential to host mineral deposits within trucking distance of the Constancia processing facilities.

The miner said it expects to begin early field exploration activities in August, and finalization of the Uchucarcco agreement is expected to increase community investment costs in H2 2022.

Last year, the Constancia mine produced 77.8K metric tons of copper, 50.3K oz of gold and 1.97M oz of silver.

Hudbay Minerals ( HBM ) recently reported mixed Q2 results but achieved lower production costs despite inflation .

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