On July 2, HudBay Minerals rose 5.27% in regular trading, trading at $23.9/share, with turnover of $11.4 million. The rally was driven by the announcement that the company received regulatory approval in Peru to increase annual processing capacity at its flagship Constancia mill.

The amended environmental permit raises the mill's capacity to 34 million metric tons of ore from 31 million metric tons, representing a roughly 10% increase. The approval also extends the mine's operating life and allows further optimization of the mine plan, along with additional tailings transport and water management infrastructure. This milestone comes shortly after the company closed its acquisition of Arizona Sonoran Copper, which added the Cactus project to its Arizona operations and is expected to double annual copper output to over 250,000 tonnes by 2030. The dual catalysts further solidify the company's production growth trajectory. Additionally, the company reported Q1 adjusted EPS of $0.40, beating the FactSet consensus estimate of $0.34.

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