Hudbay Minerals Inc 6-K, filed Oct 30, 2026
Hudbay Minerals Inc. (HBM)
About this 6-K
Hudbay Minerals Inc filed this 6-K on October 30, 2026.
Hudbay Minerals Inc. and Mitsubishi Corporation approved construction of Copper World, targeting first production in the second half of 2029. Initial growth capital expenditures are approximately $2,070 million, net of equipment financing, in 2026 dollars and on a 100% basis. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2026
Commission File Number: 001-34244
HUDBAY MINERALS INC.
(Translation of registrant’s name into English)
25 York Street, Suite 800
Toronto, Ontario
M5J 2V5, Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____________________________
EXPLANATORY NOTE
On October 30, 2026, Hudbay Minerals Inc. (“Hudbay”) filed on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) website at www.sedarplus.ca the following documents: (1) Material Change Report.
Copies of the filings are attached to this Form 6-K and incorporated herein by reference, as follows:
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Exhibit 99.1 — Material Change Report
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HUDBAY MINERALS INC. | ||
| (registrant) | ||
| By: | /s/ Mark Haber | |
| Name: | Mark Haber | |
| Title: | Vice President, Legal and Corporate Secretary | |
Date: October 30, 2026
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EXHIBIT INDEX
The following exhibits are furnished as part of this Form 6-K:
| Exhibit | Description | |
| 99.1 | Material Change Report |
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FORM 51-102F3
MATERIAL CHANGE REPORT
NATIONAL INSTRUMENT 51-102
ITEM 1 Name and Address of Company
Hudbay Minerals Inc. ("Hudbay")
25 York Street, Suite 800
Toronto, Ontario M5J 2V5
ITEM 2 Date of Material Change
October 21, 2026
ITEM 3 News Release
On October 21, 2026, a news release was issued by Hudbay through Globe Newswire and filed on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") and the Electronic Data Gathering, Analysis, and Retrieval system ("EDGAR") under the profile of Hudbay at www.sedarplus.ca and www.sec.gov, respectively.
ITEM 4 Summary of Material Change
On October 21, 2026, Hudbay and its joint venture partner Mitsubishi Corporation ("Mitsubishi") announced the final investment decision to proceed with the construction and development of the Copper World project ("Copper World"). Copper World is 70%-owned by Hudbay and 30%-owned by Mitsubishi and is located approximately 50 kilometres (31 miles) south of Tucson, Arizona. First production at Copper World is targeted for the second half of 2029.
ITEM 5.1 Full Description of Material Change
On October 21, 2026, Hudbay and Mitsubishi announced the final investment decision to proceed with the construction and development of Copper World. Copper World is 70%-owned by Hudbay and 30%-owned by Mitsubishi pursuant to a joint venture agreement entered into in January 2026. Copper World is located approximately 50 kilometres (31 miles) south of Tucson, Arizona. First production at Copper World is targeted for the second half of 2029.
The base case for Copper World contemplates a 15-year mine life utilizing mineral reserves and requires only state and local permits. The extension case for Copper World contemplates a 37-year mine life utilizing only measured and indicated mineral resources and expands mining activities onto federal lands in year 10, subject to obtaining federal permits.
As part of the final investment decision made by Hudbay and Mitsubishi, the parties approved initial growth capital expenditures of approximately $2,070 million (net of equipment financing), in 2026 dollars and on a 100% basis. Copper World has a balanced project funding plan with initial capital expected to be funded by (a) Mitsubishi's $600 million initial joint venture equity investment and (b) Wheaton Precious Metals Corp.'s $230 million deposit for the existing precious metals stream, followed by (c) approximately $650 million in anticipated project-level debt financing. The balance of funding for the initial growth capital expenditures is expected to come from Hudbay and Mitsubishi's pro-rata equity capital contributions pursuant to the terms of the joint venture, and is not expected to be required until 2028. Hudbay expects to fund its share of capital contributions from its existing cash balance and liquidity, as well as projected free cash flow from its other operations during Copper World's project development.
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All dollar amounts referenced herein are in U.S. dollars, unless otherwise noted.
ITEM 5.2 Disclosure for Restructuring Transactions
Not applicable.
ITEM 6 Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
ITEM 7 Omitted Information
None.
ITEM 8 Executive Officer
For further information, please contact:
Candace Brûle
Senior Vice President, Capital Markets and Corporate Affairs
(416) 362-8181
investor.relations@hudbayminerals.com
ITEM 9 Date of Report
October 30, 2026
Forward-Looking Information
This material change report contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect Hudbay's expectations or beliefs regarding future events. Forward-looking statements in this material change report include, but are not limited to: statements with respect to the planned development and construction of Copper World; mine life and production rates for Copper World; the estimated timing and milestones associated with Copper World; the ability to receive funding from external parties on the timelines expected; estimates of capital requirements; plans with respect to anticipated project-level debt financing; and anticipated capital expenditures and the timing thereof. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
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Forward-looking information is based on management of Hudbay's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to: risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, currency and interest rate fluctuations, water availability, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment; risks related to Copper World, including the risk of capital cost escalation; project delivery risks, joint venture risks and financing risks, including the availability and terms of anticipated project-level debt financing; fluctuations in general macroeconomic conditions; ongoing and potential litigation processes and other legal challenges that could affect Copper World (including in respect of any future authorizations or agreements that may be required); risks related to acquiring additional small parcels of land within Copper World's property boundary; risks related to political or social instability and changes in government and government policy; risks in respect of community relations, change in legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards); discrepancies between actual and estimated metallurgical recoveries; the presence of laws and regulations that may impose restrictions on mining; employee relations; and the risks that are described under the heading "Risk Factors" in Hudbay's most recent annual information form and under the heading "Financial Risk Management" in Hudbay's most recent annual management's discussion and analysis, copies of which are available under the profile of Hudbay on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov, respectively.
Hudbay does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.