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Update: Hudbay Keeps Outperform Rating at National Bank of Canada After Shutdown of Constancia Mill in Peru

BY MT Newswires | ECONOMIC | 09/24/25 10:28 AM EDT

10:28 AM EDT, 09/24/2025 (MT Newswires) -- Hudbay Minerals (HBM) late Tuesday said it has temporarily shut down its Constancia mill in Peru due to ongoing social unrest.

The company said the situation has escalated over the weekend with riots in Lima and several protests across the country, affecting Hudbay's Constancia mine and other mines in the southern mining corridor.

Hudbay maintained its outperform rating and $22 price target at National Bank of Canada after the news. The bank said the company remains one of the more leveraged names to gold prices among its base metal peers.

Hudbay carried out a temporary demobilization of its non-essential workforce. The company plans to use the downtime at the mill for preventative maintenance work and potentially some planned maintenance from later this year.

Hudbay will work with government and legal authorities to engage with protesters to achieve a prompt resolution that will allow operations to return to normal.

The disruptions are not expected to impact the company's ability to meet its 2025 production and cost guidance range.

Hudbay's share price at last look Wednesday gained 6.5% to $19.80 on the Toronto Stock Exchange.

Price: 19.83, Change: +1.24, Percent Change: +6.67

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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