HBM Stock Gains on Receiving Aquifer Protection Permit for Copper World

Core Viewpoint - Hudbay Minerals has received the Aquifer Protection Permit for its Copper World project, marking a significant step towards construction and leading to a 4% increase in stock price [1]. Group 1: Project Overview - The Copper World project is expected to have an annual copper production capacity of 85,000 tons over a 20-year mine life, which will increase Hudbay's consolidated annual copper production by over 50% [2]. - The project includes seven deposits discovered in 2021 and is one of the highest-grade open pit copper projects in the Americas, with proven and probable mineral reserves of 385 million tons at 0.54% copper [7]. Group 2: Permitting and Future Actions - Hudbay has secured two key state permits for the Copper World project: the Mined Land Reclamation Plan and the Aquifer Protection Permit, with the latter following a detailed analysis and public comment period [3]. - The last key state-level permit, the Air Quality Permit, is currently in progress, with a public comment period expected to conclude in September 2024 [4]. - The company plans to commence feasibility studies for Copper World, with growth capital spending in Arizona projected to increase by an additional $25 million in 2024 [5]. Group 3: Economic Impact - Once operational, Copper World is expected to create over 400 direct jobs and up to 3,000 indirect jobs in Arizona, contributing significantly to the U.S. domestic copper supply chain [8]. - The estimated total initial funding requirement for Phase I of Copper World is around $1.1 billion [9]. Group 4: Stock Performance - Hudbay Minerals' stock has risen 63.2% over the past year, contrasting with a 6.2% decline in the industry [10].