S&P Global Upgrades Hudbay Minerals Inc. (HBM) to BB- on Strong Cash Flow

Core Viewpoint - S&P Global Ratings upgraded Hudbay Minerals Inc. (HBM) to 'BB-' from 'B+' due to strong cash flow and decreased leverage, driven by better-than-expected revenues and earnings for 2025 [1] Financial Performance - Hudbay Minerals produced $174 million in adjusted free operating cash flow in 2025, supported by a 22% increase in EBITDA [2] - Realized copper prices increased by 11% and gold prices surged by 47% compared to 2024, contributing to higher earnings despite lower production volumes [2] Strategic Developments - Mitsubishi Corp. awarded Hudbay Minerals $420 million in January 2026 for a 30% stake in the Copper World development project in Arizona, with an additional $180 million expected over the next 18 months [3] - The company plans to complete a feasibility report on the Copper World project soon, with a construction commitment anticipated within the year [3] Company Overview - Hudbay Minerals Inc. is a diversified mining company engaged in the exploration, development, operation, and optimization of mining properties in North and South America [4]