We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
HBM Stock Gains on Receiving Aquifer Protection Permit for Copper World
Read MoreHide Full Article
Hudbay Minerals (HBM - Free Report) announced that it has received the Aquifer Protection Permit for its Copper World project from the Arizona Department of Environmental Quality ("ADEQ"). The stock jumped 4% on the news as the issuance of this permit cleared the second-last step before HBM can commence the construction of the Copper World project.
The Copper World project in Arizona represents Hudbay Mineral’s next significant copper growth project, with an expected annual copper production capacity of 85,000 tons over a 20-year mine life. It should boost HBM’s consolidated annual copper production by more than 50% from the current level.
HBM’s Next Course of Action for Copper World
Hudbay Minerals has secured two key state permits for Copper World sanctioning. These include the Mined Land Reclamation Plan and the recent Aquifer Protection Permit. The permit received from ADEQ followed a process that included detailed analysis by the agency and Hudbay, along with a public comment period that ended in the second quarter of 2024.
Hudbay Minerals added that the last key state-level permit, the Air Quality Permit, is in progress. The application was submitted to the ADEQ in late 2022 and will follow a similar process as the Aquifer Protection Permit. This includes a public comment period that commenced in July and is scheduled to conclude in September 2024.
The company expects to commence activities related to the preparation of feasibility studies for Copper World. Growth capital spending in Arizona is expected to increase an additional $25 million in 2024 compared with the company’s original 2024 guidance of $20 million.
Hudbay Minerals plans to enter into a minority joint venture partnership after receiving the last outstanding permit. The potential joint venture partner is expected to participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World.
HBM’s Copper World to be a Major Catalyst
The Copper World project is fully owned by Hudbay Minerals. The project includes seven deposits discovered in 2021, together with the East deposit (formerly known as the Rosemont deposit). Copper World is one of the highest-grade open pit copper projects in the Americas, with proven and probable mineral reserves of 385 million tons at 0.54% copper.
Once in production, Copper World is expected to be a meaningful copper producer and play a significant role in the U.S. domestic copper supply chain. The Made-in-America copper cathode planned to be produced at the project is expected to be sold entirely to domestic U.S. customers. It is expected to be the third-largest cathode producer in the United States.
Hudbay Minerals expects Copper World to create more than 400 direct jobs and up to 3,000 indirect jobs in Arizona.
The estimated total initial funding requirement for Phase I of Copper World, net of the stream agreement, is estimated at around $1.1 billion.
HBM Stock’s Price Performance
Shares of the Hudbay Minerals have risen 63.2% in the past year against the industry's 6.2% decline.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 125% in a year.
The consensus estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 103% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 80% in a year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
HBM Stock Gains on Receiving Aquifer Protection Permit for Copper World
Hudbay Minerals (HBM - Free Report) announced that it has received the Aquifer Protection Permit for its Copper World project from the Arizona Department of Environmental Quality ("ADEQ"). The stock jumped 4% on the news as the issuance of this permit cleared the second-last step before HBM can commence the construction of the Copper World project.
The Copper World project in Arizona represents Hudbay Mineral’s next significant copper growth project, with an expected annual copper production capacity of 85,000 tons over a 20-year mine life. It should boost HBM’s consolidated annual copper production by more than 50% from the current level.
HBM’s Next Course of Action for Copper World
Hudbay Minerals has secured two key state permits for Copper World sanctioning. These include the Mined Land Reclamation Plan and the recent Aquifer Protection Permit. The permit received from ADEQ followed a process that included detailed analysis by the agency and Hudbay, along with a public comment period that ended in the second quarter of 2024.
Hudbay Minerals added that the last key state-level permit, the Air Quality Permit, is in progress. The application was submitted to the ADEQ in late 2022 and will follow a similar process as the Aquifer Protection Permit. This includes a public comment period that commenced in July and is scheduled to conclude in September 2024.
The company expects to commence activities related to the preparation of feasibility studies for Copper World. Growth capital spending in Arizona is expected to increase an additional $25 million in 2024 compared with the company’s original 2024 guidance of $20 million.
Hudbay Minerals plans to enter into a minority joint venture partnership after receiving the last outstanding permit. The potential joint venture partner is expected to participate in the funding of definitive feasibility study activities in 2025 as well as in the final project design and construction for Copper World.
HBM’s Copper World to be a Major Catalyst
The Copper World project is fully owned by Hudbay Minerals. The project includes seven deposits discovered in 2021, together with the East deposit (formerly known as the Rosemont deposit). Copper World is one of the highest-grade open pit copper projects in the Americas, with proven and probable mineral reserves of 385 million tons at 0.54% copper.
Once in production, Copper World is expected to be a meaningful copper producer and play a significant role in the U.S. domestic copper supply chain. The Made-in-America copper cathode planned to be produced at the project is expected to be sold entirely to domestic U.S. customers. It is expected to be the third-largest cathode producer in the United States.
Hudbay Minerals expects Copper World to create more than 400 direct jobs and up to 3,000 indirect jobs in Arizona.
The estimated total initial funding requirement for Phase I of Copper World, net of the stream agreement, is estimated at around $1.1 billion.
HBM Stock’s Price Performance
Shares of the Hudbay Minerals have risen 63.2% in the past year against the industry's 6.2% decline.
HBM's Zacks Rank & Stocks to Consider
HBM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , IAMGOLD Corporation (IAG - Free Report) and Eldorado Gold Corporation (EGO - Free Report) . CRS, IAG and EGO sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 125% in a year.
The consensus estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 103% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 80% in a year.