TORONTO – Shares of Hudbay Minerals Inc. soared higher after it announced a deal to sell a 30 per cent stake in its Copper World project in Arizona to Mitsubishi and reported its second-quarter results.
The company says Mitsubishi has committed to investing US$600 million, including US$420 million for a 30 per cent equity interest in the project at closing and US$180 million within 18 months of closing.
Hudbay says the deal secures a long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses.
Hudbay also reported US$117.7 million in a second-quarter net earnings attributable to owners or 30 cents US per diluted share for the quarter ended June 30 compared with a loss of US$16.5 million or four cents US per diluted share a year earlier. On an adjusted basis, Hudbay says it earned 19 cents US per share in its latest quarter compared with an adjusted result of zero cents US per share a year ago.
Revenue totalled US$536.4 million in its latest quarter, up from US$425.5 million in the same quarter last year.
Hudbay shares were up C$2.36 at C$15.93 in trading on the Toronto Stock Exchange on Wednesday morning.
This report by The Canadian Press was first published Aug. 13, 2025.
Companies in this story: (TSX:HBM)
