TORONTO, March 21, 2019 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) announced today that it has received the approved Mine Plan of Operations (“MPO”) for
the Rosemont project from the U.S. Forest Service. The issuance of the MPO is the final administrative step in the permitting
process.
“Receiving the MPO is an important milestone that completes the permitting process at Rosemont,” said Alan Hair,
Hudbay’s president and chief executive officer. “With the receipt of the Section 404 Water Permit, an agreement to consolidate 100%
ownership and receipt of the approved MPO, Hudbay continues to move the project forward. Rosemont is now a fully permitted,
shovel-ready copper project and we look forward to developing this world-class asset.”
Rosemont, located in Arizona, is one of the world’s best undeveloped copper projects delivering a 15.5%
after-tax unlevered IRR at a copper price of $3.00 per pound based on the 2017 Feasibility Study published by Hudbay. Rosemont is
expected to produce approximately 127,000 tonnes of copper annually at a cash cost of $1.14 per pound (net of by-product credits)
over the first 10 years of operations.
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, plans to commence the development of
Rosemont and expected copper production and costs, and investment returns from Rosemont. 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.
The material factors or assumptions that Hudbay identified and were applied by the company in drawing
conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the
timing and possible outcome of pending litigation related to the Rosemont permits, no significant unanticipated litigation or
delays to the development of Rosemont and the availability of financing to develop Rosemont.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and
general cost escalation), as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual
Information Form.
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 an integrated mining company primarily producing copper concentrate (containing
copper, gold and silver), molybdenum concentrate and zinc metal. With assets in North and South America, the company is focused on
the discovery, production and marketing of base and precious metals. Directly and through its subsidiaries, Hudbay owns three
polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and copper projects in Arizona and Nevada (United States). The company’s growth strategy is focused on the exploration and
development of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. 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. The company is governed by the Canada Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay
can be found on www.hudbay.com.
For further information, please contact:
Candace Brûlé
Director, Investor Relations
(416) 814-4387
candace.brule@hudbay.com
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