Hudbay projects reaching 90,000 tons of copper annually by 2028 with improvements at Constancia

Hudbay Minerals has defined its roadmap for its operations in Peru, in which the Constancia mining unit, located in Cusco, is positioned as the main pillar for maintaining and increasing its copper production levels in the medium term. The company projects that by 2028, its annual production will reach 90,000 tons, in a context marked by operational adjustments and efficiency improvements.

For the 2026-2028 period, the Canadian mining company estimates an average production close to 87,500 tons of copper per year in the country. However, this level would progressively increase in the following years, driven by greater processing capacity and the implementation of technical improvements in its facilities.

One of the main work fronts is focused on the Constancia processing plant, where the company plans to increase its capacity to over 90,000 tons per day during the second half of 2026. This goal would be achieved through the incorporation of new equipment, including pebble crushers, as well as adjustments to the processing circuit.

The drive for these optimizations responds to a new operating scenario, following the depletion of the Pampacancha deposit, whose exploitation concluded in 2025 and which had contributed higher-grade ore. Starting in 2026, production will depend exclusively on Constancia, where the copper content is lower, which necessitates compensation through increased volumes and efficiency in the processes.

Faced with this challenge, Hudbay has reconfigured its mine plan with the goal of sustaining its production levels over time. The strategy considers not only an increase in processing capacity but also improvements in resource management and overall operational performance.

As a result of these actions, the company managed to extend the useful life of the Constancia mine until 2040, reinforcing its role as a key asset within Hudbay's portfolio in Peru.

In parallel, the company continues to evaluate the development of the Llaguen project, a copper-molybdenum deposit located in the north of the country, which is in the technical studies and exploration phase. This project could become a new source of growth in the future, depending on the results of the economic evaluations.

Regarding other metals, gold production in Peru would register a downward adjustment in the coming years, with an estimated average of 18,500 ounces annually, reflecting the impact of the closure of Pampacancha, which contributed with higher gold content ore.

In this context, Hudbay's strategy in Peru aims to consolidate its operation in Constancia, prioritizing efficiency, process optimization, and the sustainability of its production in a lower ore grade environment.