Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — BMO 28th Global Metals & Mining Conference 2019
63 slides from Hudbay Minerals's conference presentation, Feb 25, 2019
Slide 1: BMO 28th Global Metals & Mining Conference
BMO 28 T H GLOBAL METALS & MINING CONFERENCE February 24 – 27, 2019
Slide 2: Cautionary Information
CAUTIONARY INFORMATION This presenta,on contains forward-looking informa,on within the meaning of applicable Canadian and United States securi,es legisla,on. All informa,on contained in this presenta,on, other than statements of current and historical fact, is forward-looking informa,on. O@en, but n
Slide 3: Hudbay Investment Rationale
HUDBAY INVESTMENT RATIONALE ! Consistent long-term growth strategy and world-class asset base ! Proven track record of successful project development ! Operational excellence and value creation through successful exploration ! Focused on free cash flow generation and prudent capital allocation ! Rob
Slide 4: Consistent Strategy Since 2010
CONSISTENT STRATEGY SINCE 2010 VISION STATEMENT ! Our vision is to become a top-tier operator of long-life, low cost mines in the Americas VALUE DRIVERS STRATEGIC CRITERIA 4
Slide 5: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER Constancia & Exploration Peru Lalor, 777 & Exploration Manitoba, Canada TSX, NYSE, BVL HBM Exploration Symbol British Columbia, Canada Rosemont Market Capitalization1 C$2.3 billion Arizona, USA Ann Mason Shares Outstanding 261 million Nevada, USA Exploration Chil
Slide 6: Long Life & Low Cash Costs
LONG LIFE & LOW CASH COSTS ! Long life assets provide exposure to multiple commodity price cycles ! Hudbay is positioned in the first quartile of the cash cost curve RESERVE AND RESOURCE LIFE1 Past Production Reserve Life M&I Resource Life 2 Inferred Resource Life3 Rosemont 4 19 11 1 Constancia -3 1
Slide 7: Copper Focus
COPPER FOCUS SIGNIFICANT NEAR-TERM STRUCTURAL COPPER MARKET DEFICIT ! Large deficits now expected to occur imminently; WoodMac forecasts peak copper price of $3.90/lb by 2021 ! Base case mine production peaks in 2022; however, supply forecast dependent on future projects with associated risks such a
Slide 8: Meaningful Scale & Growth
MEANINGFUL SCALE & GROWTH ! Hudbay is one of the top investible1 pure play2 copper producers, offering investors relevant scale and meaningful production growth 2018E GLOBAL COPPER PRODUCTION (Mt) 1.6Mt 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Freeport First Quantum KAZ Minerals Lundin Hudbay Oz Minerals Capston
Slide 9: Returns & Leverage To Copper
RETURNS & LEVERAGE TO COPPER ! Hudbay has consistently provided investors with leverage to the copper price and has met or outperformed the peer median in 3 of the last 4 years ANNUAL TSR – HUDBAY, COPPER PRICE PEER LEVERAGE TO COPPER PRICE AND PEER GROUP1 (2016-2018, R2 of Monthly Returns) 50% 45%
Slide 10: 2018 Achievements
2018 ACHIEVEMENTS OPERATIONAL AND GROWTH INITIATIVES ✔ Utilized technology and process improvements to drive additional OPERATIONAL efficiencies in our operations ✔ Consolidated copper production exceeded 2018 guidance by 14%1, zinc and precious metals were within 2018 guidance ranges ✔ Generated $2
Slide 11: Growing Free Cash Flow & Reducing Debt
GROWING FREE CASH FLOW & REDUCING DEBT ! Achieved 2016 cost reduction target of over $100 million; continued to generate positive free cash flow through un-hedged production and stable low-cost operations ! Reduced net debt position by more than $750 million since 2016 OPERATING AND FREE CASH FLOW1
Slide 12: South America Business Unit
SOUTH AMERICA BUSINESS UNIT Cusco CUSCO Las Bambas CONSTANCIA Yauri Tintaya Antapaccay AREQUIPA Imata PERU Arequipa Lima Cerro Verde MINE MOQUEGUA TOWN RAILROAD CONSTANCIA Matarani ROAD 0 TACNA 100km 12
Slide 13: Best In Class Mine Development
BEST IN CLASS MINE DEVELOPMENT ! Constancia’s capital cost performance was best in class when compared to other greenfield open pit copper mines in the Americas CAPITAL COST INCREASE AT GREENFIELD OPEN PIT COPPER MINES IN THE AMERICAS 110% 105% CAPITAL COST INCREASE RELATIVE TO FEASIBILITY STUDY Pee
Slide 14: Best In Class Mine Ramp-Up
BEST IN CLASS MINE RAMP-UP ! Constancia’s timeline from feasibility to first production and the subsequent ramp-up to nameplate capacity production was the fastest among recently built projects TIME FROM FIRST PRODUCTION TO FULL CONSTANCIA RAMP-UP USED AS BHP’S CAPACITY OPERATIONS (MONTHS) BENCHMARK
Slide 15: Industry Leading Cost Performance
INDUSTRY LEADING COST PERFORMANCE ! Constancia is the lowest cost sulphide copper mine in South America ! Continuous operational improvements at Constancia have driven costs down, while increasing efficiencies and productivity LOWEST COST OPEN PIT COPPER MINES IN SOUTH AMERICA (2018) $20.00 $18.24 $
Slide 16: Constancia Optimization
CONSTANCIA OPTIMIZATION ! Increasing throughput to 90,000 tpd while achieving targeted recoveries ! Annual copper production of 105k tonnes at cash costs of $1.09/lb and sustaining cash costs of $1.38/lb over 5 years (2019-2023) ! Mining of high-grade Pampacancha satellite deposit intended to enhanc
Slide 17: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL ! We work with all levels of government and local communities to develop stable operations and to maximize the impact of our social investment in our area of influence and beyond ! Since 2012, executed over 90 social agreements with local governments and communities ! P
Slide 18: Manitoba Business Unit
MANITOBA BUSINESS UNIT New Britannia Mill Snow Lake Stall Mill LALOR MINE LALOR MINE Stall Mill 0 5km SASKATCHEWAN MANITOBA Snow Lake LALOR MINE 777 LALOR 777 MINE MINE Flin Flon MILL Flin Flon Mill TOWN RAILROAD Winnipeg ROAD 0 50km 18
Slide 19: Lalor In-House Discovery & Development
LALOR IN-HOUSE DISCOVERY & DEVELOPMENT 2007 2009 2012-2014 2015 DISCOVERY DEVELOPMENT INITIAL PRODUCTION NEW BRITANNIA MILL ! Initial discovery hole ! Construction commenced ! Phase 1 completed in 2012; ! Acquired the nearby New drilled on Phase 1 ramp access Phase 2 completed in 2014 Britannia mill
Slide 20: Lalor Au and Cu-Au Rich Lenses
LALOR AU AND CU-AU RICH LENSES LALOR CROSS-SECTION, LOOKING SOUTHWEST ! Over the past 12 months, we focused on infill drilling and test mining the Au rich Lens 25 and remodeling the Cu-Au rich Lens 27 Potential Lens 31-32 for up-dip extension Ramp from Chisel Lens 25 Lens 10 Possible extension of go
Slide 21: Lalor Updated Mine Plan Highlights
LALOR UPDATED MINE PLAN HIGHLIGHTS NEW BRITANNIA MILL THE OPTIMAL PROCESSING SOLUTION FOR LALOR GOLD ! Gold recoveries increased to 93% at New Britannia from 53% at Stall INCREASED LALOR RESERVES ACROSS ALL METALS ! Gold reserve grade increased by over 1.0 g/t (+44%) with higher tonnage1 ! In-situ c
Slide 22: Lalor Gold Positioning
LALOR GOLD POSITIONING ! Lalor becomes a meaningful gold producer as one of the lowest cost gold mines in Canada 633 2017A GOLD PRODUCTION1 (K OZ) 571 376 353 349 305 272 236 209 200 196 194 167 157 141 111 99 91 86 84 67 59 55 51 49 48 28 16 Snow Lake Canadian Malartic Detour Lake Brucejack Meadowb
Slide 23: Snow Lake Regional Potential
SNOW LAKE REGIONAL POTENTIAL HUDBAY HAS A LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH SIGNIFICANT GOLD EXPLORATION POTENTIAL Proven + Probable Reserves Grade Contained Tonnage Copper Gold Silver Zinc Gold Eq(1) Gold Gold Eq(1) (Mt) (%) (g/t) (g/t) (%) (g/t) (koz) (koz) Lalor - Base Met
Slide 24: Snow Lake Regional Potential
SNOW LAKE REGIONAL POTENTIAL ! There are considerable resources beyond reserves in Snow Lake that could provide long-term feed for New Britannia and Stall RESERVES AND RESOURCES IN THE SNOW LAKE CAMP (M TONNES AND M OZS) 2P Reserves at Lalor Satellite Deposits (Indicated) Lalor and New Britannia (In
Slide 25: Manitoba Exploration Success
MANITOBA EXPLORATION SUCCESS ! Hudbay has a long history of delivering additional tonnage beyond the initial reserves in the Flin Flon and Snow Lake VMS camps RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES) Flin Flon 62.5 Mt 777 Trout Lake Lalor Stall Lake Chisel U/G Callinan Chisel Os
Slide 26: Arizona Business Unit
ARIZONA BUSINESS UNIT Tucson Three Points Mission Complex Twin Buttes Mine Sierrita Mine ROSEMONT Green Valley ARIZONA, US PIMA SANTA CRUZ Sonoita MINE Tucson TOWN Patagonia RAILROAD ROSEMONT ROAD 0 25km 26
Slide 27: Rosemont Project
ROSEMONT PROJECT ! High-quality development project with well-established Location Tucson, Arizona infrastructure ! March 2017 43-101 demonstrates robust project Ownership 80%2 economics ! 19 year mine life generating 15.5% after-tax project IRR Copper-molybdenum Type of deposit skarn deposit and 17
Slide 28: Rosemont Project Development
ROSEMONT PROJECT DEVELOPMENT ! Consolidated annual production CONSOLIDATED ANNUAL CUEQ PRODUCTION 1,2 illustrates the projected outlook assuming a Rosemont Manitoba Peru Arizona (80%) construction decision occurs in 350,000 2019 CuEq Contained in Concentrate (tonnes) +51% Increase 300,000 ! Rosemont
Slide 29: Rosemont Permitting Milestones
ROSEMONT PERMITTING MILESTONES ! Granted six permits for Rosemont since Hudbay’s acquisition of the project, including the Final Record of Decision issued by the U.S. Forest Service ! Successfully defended five lawsuits related to Rosemont permits ! Issued updated Technical Report with improved reso
Slide 30: Environmental & Social Track Record
ENVIRONMENTAL & SOCIAL TRACK RECORD SOCIALLY RESPONSIBLE REED MINE RECLAMATION ! Track record of constructive community relations in Peru BEFORE AND AFTER and elsewhere ! 1st place award for Community Relations at the 3rd Community Relations International Conference at the Mines Engineers Institute
Slide 31: Adding Value Through Exploration
ADDING VALUE THROUGH EXPLORATION CONSTANCIA (2009-2017)1 LALOR (2010-2018)1 Reserves Production Reserves Production Copper Equivalent (Mt) Copper Equivalent (Mt) 4.0 1.0 +91% Growth 3.0 +98% Growth 0.8 2.0 0.5 1.0 0.3 0.0 0.0 Reserve at Bid Date 2 Production to Date + Current Initial Reserve Product
Slide 32: Project Pipeline
PROJECT PIPELINE ! Hudbay has a diversified portfolio of operating mines and an extensive development pipeline to perpetuate production growth 32
Slide 33: Near-Term Catalysts
NEAR-TERM CATALYSTS ROSEMONT PERMITTING MILESTONES ! Army Corps of Engineers (“ACOE”) completed consultation process and expected to be in the final stages of 404 Water permit review LALOR MINE RAMP-UP AND MINE LIFE EXTENSION ! On track to achieve 4,500 tpd at Lalor in Q1 2019 ! Upgrading Lalor infe
Slide 34: Near-Term Catalysts (Cont'd)
NEAR-TERM CATALYSTS (CONT’D) ANN MASON EXPLORATION ! Commence drilling of high-grade targets in 2019 with the potential to enhance project economics NEW BRITANNIA PRODUCTION ! New Britannia gold mill expected to commence operations in 2022 ROSEMONT PROJECT DEVELOPMENT ! Full project sanctioning expe
Slide 35: Hudbay Investment Rationale
HUDBAY INVESTMENT RATIONALE ! Consistent long-term growth strategy and world-class asset base ! Proven track record of successful project development ! Operational excellence and value creation through successful exploration ! Focused on free cash flow generation and prudent capital allocation ! Rob
Slide 36: Appendix
H'DBAY APPENDIX
Slide 37: Alan Hair, President & CEO
ALAN HAIR, PRESIDENT & CEO STRONG PERFORMANCE UNDER ALAN’S LEADERSHIP ! Alan Hair was appointed President and Chief Executive Officer and Director in January GROWTH IN 2P RESERVES1 2016 ! Over 20 years leadership within Hudbay in IPO Strategy Creation Today various operating, technical and business
Slide 38: Per Share Accretion
PER SHARE ACCRETION ! Focused on NAV per share and reserve and resource per share accretion HUDBAY RESERVE GROWTH PER SHARE1 HUDBAY RESOURCE GROWTH PER SHARE1,2 Manitoba Peru Arizona Other Manitoba Peru Arizona Other Nevada 60.0 160.0 rowth Copper Equiv. Resources per HBM Share +147% G Copper Equiv.
Slide 39: Strong Corporate Governance
STRONG CORPORATE GOVERNANCE ! Hudbay has been consistently recognized for strong corporate governance practices ! Proxy advisor Institutional Shareholders Service (ISS) has recommended for all directors over the last nine years (2009 - 2018 AGM) ! Ranked in top 20% for overall governance quality by
Slide 40: Independent, Diverse and Highly Qualified Board
INDEPENDENT, DIVERSE AND HIGHLY QUALIFIED BOARD ! Our Board is independent ! 90% of Board directors are independent (100% excluding our CEO Alan Hair) ! 100% of our Audit, Compensation, Technical, and Corporate Governance and Nominating Committee members and Chairs are independent ! Separate CEO and
Slide 41: Total Shareholder Return (TSR)
TOTAL SHAREHOLDER RETURN (TSR) ! 2019 YTD, Hudbay’s TSR of 30% is the highest of our peers and ranked 1st out of 8 peers ! In 2018, Hudbay ranks in the 37th percentile, in 2017 Hudbay ranks second only to Antofagasta and in 2016 Hudbay ranks in the middle of the group (2) Period 2016 2017 2018 2019
Slide 42: Cumulative Free Cash Flow Vs. Peers
CUMULATIVE FREE CASH FLOW VS. PEERS ! Over this period, Hudbay has generated US$672M in free cash flow, third highest relative to peers ! Represents $2.57 of free cash flow per share CUMULATIVE FCF GENERATION TOTAL AND PER SHARE SINCE 2016 – HUDBAY AND PEERS1,2 Cumulative Free Cash Flow per $5.01 $3
Slide 43: Constancia Mine
CONSTANCIA MINE Location Chumbivilcas, Peru LOW-COST, LONG-LIFE COPPER MINE IN PERU Ownership 100% ! Began production at end of 2014 Porphyry copper- ! Developed and maintain meaningful partnerships Type of deposit molybdenum deposit with the local communities Processing On-site processing plant ! P
Slide 44: Constancia Mine Plan Summary
CONSTANCIA MINE PLAN SUMMARY MINE PLAN SUMMARY 2019E 2020E 2021E 2022E 2023E LOM Avg.1 Ore mined million tonnes 37.7 34.0 27.6 28.6 33.6 30.8 Waste mined million tonnes 32.5 32.0 38.1 39.5 35.4 33.7 Strip ratio waste:ore 0.9 0.9 1.4 1.4 1.1 1.1 Ore milled million tonnes 31.3 31.2 31.1 31.1 31.2 31.0
Slide 45: Lalor Mine
LALOR MINE PRODUCING LOW-COST GOLD-ZINC MINE WITH SIGNIFICANT UPSIDE POTENTIAL ! Strong ramp-up of ore production; expanded 4,500tpd mine plan ! New mine plan more than doubles annual gold production with the refurbishment of New Britannia Location Snow Lake, Manitoba gold mill ! Potential mine life
Slide 46: Lalor Mine Plan Summary
LALOR MINE PLAN SUMMARY MINE PLAN SUMMARY 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E LOM Total1 BASE METAL ORE Ore mined 000 tonnes 1,589 1,481 1,559 1,135 1,251 1,144 894 612 10,844 Ore mined tpd 4,353 4,057 4,271 3,110 3,428 3,134 2,449 1,677 - Zinc grade % Zn 5.43% 6.37% 6.18% 5.92% 5.94% 5.
Slide 47: Lalor Mine Plan Summary (Cont'd)
LALOR MINE PLAN SUMMARY (CONT’D) PRODUCTION AND CAPEX SUMMARY 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E LOM Total1 PRODUCTION2 Zinc 000 tonnes 79 88 89 63 70 64 32 18 552 Copper 000 tonnes 8 8 9 10 10 15 11 4 83 Gold 000 ounces 69 58 75 143 137 138 172 114 1,134 Silver 000 ounces 651 692 725 7
Slide 48: Lalor Mine Plan Summary (Cont'd)
LALOR MINE PLAN SUMMARY (CONT’D) CASH COSTS SUMMARY 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E LOM Avg.1 ZINC BASIS Cash Costs US$/lb $0.61 $0.73 $0.55 ($0.05) $0.03 ($0.18) ($1.21) ($0.87) $0.09 Sustaining Cash Costs US$/lb $1.04 $1.14 $0.78 $0.26 $0.22 ($0.04) ($0.95) ($0.77) $0.35 GOLD BASIS
Slide 49: In-Mine Exploration – Gold
IN-MINE EXPLORATION – GOLD ! Lens 17 (not yet in resources) is a Cu-Au rich analog to Lens 27 identified based on 7 surface holes. Drilling planned in 2019: ! Phase 1 to confirm upper portion in Q2 2019 ! Phase 2: Potential connection to Lens 10 (Zn rich) in 2H 2019 IN-MINE GOLD EXPLORATION TARGETS
Slide 50: 777 Mine
777 MINE STEADY, LOW-COST PRODUCTION ! Maximizing cash flow to end of mine life ! Plan to keep processing assets on care and maintenance after mine closure to maintain regional optionality Location Flin Flon, Manitoba Ownership 100% Type of deposit VMS deposit Processing Flin Flon mill Refined zinc,
Slide 51: Rosemont Initial Capex & Funding
ROSEMONT INITIAL CAPEX & FUNDING INITIAL CAPITAL COST ESTIMATE OF $1.9 BILLION ! 3-year construction period; $144 million in year 1, $861 million in year 2, $768 million in year 3, remaining capital in ramp-up period ! ~5% growth and 15% contingency added per item ROSEMONT INITIAL CAPITAL COST ($M)
Slide 52: Overview of Ann Mason
OVERVIEW OF ANN MASON ANN MASON – NEVADA, USA ! Hudbay acquired the Ann Mason property in December 2018 Elko ! Ann Mason is located approximately 85km Reno southeast of Reno, Nevada in the prolific Yerington Ann Mason Copper District ! Close to the former producing Yerington mine (1.7B lbs Las Vegas
Slide 53: Scarcity Of Copper Assets
SCARCITY OF COPPER ASSETS ! Ann Mason is one of the largest undeveloped copper resources in Hudbay’s preferred jurisdictions ! The 3rd largest “actionable” resource that was held within a junior company ! A high priority exploration project to target near-surface, high-grade mineralization ! Acquiri
Slide 54: 2019 Guidance
2019 GUIDANCE PRODUCTION AND UNIT COST CONTAINED METAL IN CONCENTRATE1 2019 GUIDANCE 2018 ACTUAL 2018 GUIDANCE MANITOBA2 Copper tonnes 22,000 – 25,000 32,372 27,500 – 32,500 Zinc tonnes 100,000 – 115,000 115,588 105,000 – 130,000 Precious Metals3 ounces 105,000 – 125,000 113,188 120,000 – 145,000 C$
Slide 55: 2019 Guidance
2019 GUIDANCE CAPITAL EXPENDITURE1 $ MILLIONS 2019 GUIDANCE YEAR ENDED DEC. 31, 2018 2018 GUIDANCE SUSTAINING CAPITAL Manitoba 100 104 85 Peru2 95 40 50 TOTAL SUSTAINING CAPITAL 195 144 135 GROWTH CAPITAL Manitoba 10 18 20 Peru 45 2 -3 Arizona 20 20 35 TOTAL GROWTH CAPITAL 75 40 55 Capitalized Explo
Slide 56: Peru Mineral Reserves
PERU MINERAL RESERVES AS AT JANUARY 1, 2018 CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t) CONSTANCIA Proven 455,900,000 0.30 96 2.93 0.035 Probable 72,800,000 0.23 72 3.09 0.035 Total Proven and Probable 528,700,000 0.29 93 2.95 0.035 PAMPACANCHA Proven 32,400,000 0.59 178 4.48 0.368 Probable 7,
Slide 57: Peru Mineral Resources
PERU MINERAL RESOURCES AS AT JANUARY 1, 2018 CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t) CONSTANCIA Measured 175,000,000 0.20 51 2.19 0.028 Indicated 180,900,000 0.20 56 2.09 0.033 Inferred 54,100,000 0.24 43 1.71 0.018 PAMPACANCHA Measured 11,400,000 0.41 101 4.95 0.245 Indicated 6,000,000 0.
Slide 58: Snow Lake Reserves & Resources
SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 2019 PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Proven 5,137,000 0.76 7.13 2.37 26.31 Base Metal Zone Probable 5,552,000 0.44 4.19 3.52 27.39 Proven 58,000 0.80 2.65 5.46 39.09 Gold Zone Probable 2,928,000 1.09 0.31 6.74 23.08 Total Lalor
Slide 59: Flin Flon Reserves & Resources
FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 2018 PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Proven 2,625,000 1.78 4.20 1.70 25.97 777 Reserves Probable 1,251,000 1.11 4.33 1.82 25.41 Total 777 Mineral Reserve 3,876,000 1.56 4.24 1.73 25.79 Proven 67,000 2.91 1.16 0.47 7.78 Reed Res
Slide 60: Arizona Reserves & Resources
ARIZONA RESERVES & RESOURCES AS AT MARCH 30, 2017 MINERAL RESERVES1 CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t) Proven 426,100,000 0.48 0.012 4.96 Probable 111,000,000 0.31 0.010 3.09 Total 2P Reserves 537,100,000 0.45 0.012 4.58 MINERAL RESOURCES1 CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t) Measured 161,300,
Slide 61: Additional Information
ADDITIONAL INFORMATION The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resourc
Slide 62: Additional Information
ADDITIONAL INFORMATION Table 1 below provides a summary of the Lalor drill results referenced in this presentation. Table 1: Lalor drill results Hole ID From To Intercept Depth Estimated true Cu Au (m) (m) (m) (m) width(m)1 (%)2 (g/t)2 189W01 1197.0 1205.0 8.0 1154 7.1 0.1 9.3 193W01 1041.2 1046.5 5
Slide 63: For More Information Contact
F O R M O R E I N F O R M AT I O N C O N TA C T: Candace Brûlé, Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com
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