Hudbay cuts cost outlook as Copper Mountain improves

AI desk brief

Hudbay lowered annual copper cash-cost guidance after by-product credits to negative $0.55–$0.35/lb from negative $0.45–$0.25, supported by gold credits. Third-quarter gold output rose 30% to 69,513 oz, exceeding analyst forecasts; annual gold guidance remains 217,000–272,000 oz. Copper Mountain generated its first positive quarterly free cash flow under Hudbay ownership. Group cash-flow definitions matter: Hudbay reported $201.9 million before working-capital changes and excluding growth capital, while BMO calculated a roughly $2 million deficit after working capital and total capital spending. The operational gains primarily affect Hudbay; the article establishes no material near-term bullion-price effect.