RBC agrees with James R and TD... 08:55 AM EST, 02/25/2022 (MT Newswires) -- RBC Capital Markets said Thursday that Hudbay Minerals Inc. (HBM.TO) remains well-positioned to take advantage of high copper and gold prices and deliver a free cash flow inflection in 2022 following investments in Peru and Manitoba.
RBC modeled Hudbay's copper production growing 25% to 124,000 tonnes in 2022 with gold output up 39% to 269,000 ounces.
RBC said this translates to an estimated $306 million free cash flow in 2022.
Hudbay management noted they continue to review external assets, but acquisition opportunities are scarce.
RBC maintained Hudbay's $14 target price and outperform rating.