Hudbay’s Copper World Project Receives Positive Permitting Update
April 05 2023 - 9:06AM
Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) received confirmation
from the Army Corps of Engineers (“ACOE”) that Hudbay’s previous
surrender of the Section 404 Clean Water Act permit for the former
Rosemont project (“404 Permit”) was formally accepted and revoked
as requested. The ACOE also reaffirmed the validity of the March
2021 approved jurisdictional determinations (“AJDs”) whereby the
ACOE determined there are no waters of the U.S. on the property,
and therefore, a 404 Permit is not required.
State permitting for the Copper World project
was initiated in June 2021 with the submission of Hudbay’s Mined
Land Reclamation Plan, which has been approved. In April 2022,
Hudbay surrendered the 404 Permit to the ACOE as there is no
evidence of jurisdictional waters of the U.S. on the former
Rosemont project site. In May 2022, Judge Soto from the U.S.
District Court for the District of Arizona issued a favourable
ruling that affirmed Hudbay’s surrender of the 404 Permit was
effective and that the new Copper World project is not connected to
the previous federal permitting process. In late 2022, Hudbay
submitted the state-level applications for an Aquifer Protection
Permit and an Air Quality Permit to the Arizona Department of
Environmental Quality ("ADEQ"). Hudbay continues to expect to
receive these two remaining state permits in 2023. In January 2023,
Hudbay received an approved right-of-way from the Arizona State
Land Department that will allow for infrastructure, such as roads,
pipelines and powerlines, to connect between the properties in the
company’s private land package at Copper World.
Clearing and grading work to prepare for the
Copper World site, including the construction of roads and other
facilities, continues to be underway. Phase I of Copper World
reflects a 16-year standalone operation with processing
infrastructure on Hudbay’s private lands and mining occurring on
patented mining claims, requiring only state and local permits.
Pre-feasibility activities for the private land Phase I of the
Copper World project are well-advanced and a pre-feasibility study
is expected to be released in mid-2023. Upon receipt of the state
level permits, the company expects to conduct a bulk sampling
program at Copper World to continue to de-risk the project by
testing grade continuity, variable cut-off effectiveness and
metallurgical strategies. Hudbay also intends to initiate a
minority joint venture partner process following receipt of
permits, which will allow the potential joint venture partner to
participate in the design and funding of definitive feasibility
study activities in 2024.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, Hudbay’s expectations regarding
the impacts of the recent decisions of the District Court and the
9th Circuit Court of Appeals on its plans for the Copper World
deposits, Hudbay’s expectations regarding the plans for a
pre-feasibility study of the Copper World project and expectations
regarding the economics and permitting requirements for the Copper
World project. Forward-looking information is not, and cannot be, a
guarantee of future results or events. Forward-looking information
is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the company at
the date the forward-looking information is provided, inherently
are subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be
materially different from those expressed or implied by the
forward-looking information.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining
company with long-life assets in North and South America. The
company’s Constancia operations in Cusco (Peru) produce copper with
gold, silver and molybdenum by-products. Its Snow Lake operations
in Manitoba (Canada) produce gold with copper, zinc and silver
by-products. Hudbay has an organic pipeline that includes the
Copper World project in Arizona and the Mason project in Nevada
(United States), and its growth strategy is focused on the
exploration, development, operation, and optimization of properties
it already controls, as well as other mineral assets it may acquire
that fit its strategic criteria. Hudbay’s mission is to create
sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. Further information about Hudbay can be
found on www.hudbay.com.
For investor and media inquiries, please
contact:
Candace BrûléVice President, Investor
Relations (416) 814-4387 candace.brule@hudbay.com
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