Whether or not HudBay Minerals Inc Ord Shs (HBM) is successful in acquiring Augusta Resource Corp. (AZC), Haywood Securities Analyst Stefan Ioannou says he believes HudBay has significant opportunity for growth over the next couple of years. Ioannou says he expects growth for HudBay on the order of 350 million pounds of copper per year and 450 million pounds of zinc annually.
“The one thing to watch at HudBay in the near term is the execution of this growth plan,” Ioannou says. “So far construction at Constancia, the big project in Peru is going well; it’s on budget relative to a $1.7 billion capital cost estimate.”
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Ioannou says HudBay’s construction at Constancia was 67% complete as of the end of February. He says that means it is possible that costs could increase or that the company could experience construction delays.
“So, we’ve got to keep an eye on that,” Ioannou says. “But if they execute, that growth profile is pretty impressive.”
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