By Adriano Marchese

Hudbay Minerals laid out its medium-term targets, expecting a lift in copper output through 2028 as mill upgrades, mine-plan optimization and higher-grade sequencing begin to contribute.

The Canadian miner on Friday reaffirmed its 2026 guidance and introduced new 2027 and 2028 forecasts, supported by updated life-of-mine models.

Consolidated copper production is expected to average 147,000 metric tons over the next three years, a 24% increase from 2025, with output rising further to 159,000 tons in 2027 and 2028.

The gains are driven primarily by British Columbia, where mill throughput is set to ramp up to 50,000 tons a day in the second half of 2026 and achieving higher grades, thanks to an accelerated stripping program.

Peru is expected to contribute steady volumes as higher mill throughput and two new pebble crushers offset the depletion of the high-grade Pampacancha deposit.

Gold production is expected to average 243,000 troy ounces a year, down 9% from 2025 as Pampacancha winds down, though Hudbay anticipates stronger unstreamed gold output from Manitoba and other contributions from New Ingerbelle in 2028. Manitoba's New Britannia operation continues to operate above 2,200 tons per day, more than its design capacity of 1,500 tons.

Zinc production is set to rise sharply by 2028, reaching 32,500 tons, a 76% increase from 2026-2027 levels, supported by higher output from the 1901 deposit.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 27, 2026 07:26 ET (11:26 GMT)

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