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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
May 2024
Commission File Number:
001-34244
HUDBAY MINERALS INC.
(Translation of registrant's name into English)
25 York Street, Suite 800
Toronto, Ontario
M5J 2V5, Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- _____________________________
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EXPLANATORY NOTE
On May 24, 2024, Hudbay Minerals Inc. ("Hudbay") filed on the Canadian
Securities Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) website at www.sedarplus.ca the following documents: (1)
News Release.
Copies of the filings are attached to this Form 6-K and incorporated herein by
reference, as follows:
* Exhibit 99.1 - News Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HUDBAY MINERALS INC.
(registrant)
By: /s/ Patrick Donnelly
Name: Patrick Donnelly
Title: Senior Vice President, Legal and Organizational Effectiveness
Date: May 24, 2024
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EXHIBIT INDEX
The following exhibits are furnished as part of this Form 6-K:
Exhibit Description
99.1 News Release - May 24, 2024
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TSX, NYSE - HBM
2024 No. 10
News Release
Hudbay Completes Upsized Bought Deal Equity Offering
Toronto, Ontario, May 24, 2024 - Hudbay Minerals Inc. ("Hudbay" or the
"Company") (TSX, NYSE: HBM)
is pleased to announce that the Company has closed its previously announced
public offering of common shares of the Company (the "Common Shares"). The
underwriters exercised the full over-allotment option to purchase an
additional 15% of the Common Shares in connection with the Offering. The
Company issued, on a bought deal basis, 42,366,000 Common Shares, including
5,526,000 Common Shares pursuant to the exercise of the over-allotment option,
at a price of US$9.50 per Common Share for aggregate gross proceeds of
US$402,477,000 (the "Offering").
The Offering was completed pursuant to an underwriting agreement dated May 22,
2024 entered into between the Company and a syndicate of underwriters led by
RBC Capital Markets and BMO Capital Markets, as Joint Bookrunners, and CIBC
Capital Markets, National Bank Financial, Scotiabank and TD Securities as
co-lead managers, and including Barclays Capital, Canaccord Genuity, Bank of
America Merrill Lynch, Cormark Securities, ING Bank, Haywood Securities,
Raymond James, Stifel Nicolaus, Eight Capital, and Paradigm Capital as
co-managers.
The Company intends to use the net proceeds of the Offering to fund near-term
growth initiatives, including acceleration of mine pre-stripping activities
and mill optimization initiatives at Copper Mountain, to enhance balance sheet
flexibility through debt repayments as part of its "3P" plan for a sanctioning
decision on Copper World, to evaluate mill throughput enhancement
opportunities at Constancia and New Britannia, and for general corporate
purposes, as further described in the Prospectus Supplement (as defined below).
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any
province, state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such province, state or jurisdiction.
Forward-Looking Information
This news release and the previously announced press releases relating to the
Offering contains "forward-looking information" and "forward-looking
statements" within the meaning of applicable Canadian and United States
securities legislation (collectively herein referred to as "forward-looking
information"). All forward-looking information in news release is qualified by
this cautionary note. Often, but not always, forward-looking information can
be identified by the use of words such as "plans", "expects", "budget",
"guidance", "scheduled" "estimates", "forecasts", "strategy", "target",
"intends", "objective", "goal", "understands", "anticipates" and "believes"
(and variations of these or similar words) and statements that certain
actions, events or results "may", "could", "would", "should", "might" "occur"
or "be achieved" or "will be taken" (and variations of these or similar
expressions).
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TSX, NYSE - HBM
2024 No. 10
Forward-looking information herein includes, but is not limited to, statements
related to the use of proceeds of the Offering and Hudbay's business,
objectives, strategies, and intentions. 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. Readers
should refer to the prospectus supplement dated May 22, 2024 (the "Prospectus
Supplement") to Hudbay's short form base shelf prospectus dated March 28, 2024
(the "Prospectus") filed with the securities regulatory authorities in each of
the provinces and territories of Canada and included in its registration
statement on Form F-10 filed with the U.S. Securities and Exchange Commission,
and the documents incorporated by reference therein, for further disclosures
in respect of 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 herein. Subject to applicable securities
law requirements, Hudbay undertakes no obligation to update or revise any
forward-looking information after the date of any forward-looking information
whether as a result of new information, future events or otherwise or to
explain any material difference between subsequent actual events and any
forward-looking information.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused mining company with three
long-life operations and a world-class pipeline of copper growth projects in
tier-one mining-friendly jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the
Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in
British Columbia (Canada). Copper is the primary metal produced by the
company, which is complemented by meaningful gold production. Hudbay's growth
pipeline includes the Copper World project in Arizona (United States), the
Mason project in Nevada (United States), the Llaguen project in La Libertad
(Peru) and several expansion and exploration opportunities near its existing
operations.
The value Hudbay creates and the impact it has is embodied in its purpose
statement: "We care about our people, our communities and our planet. Hudbay
provides the metals the world needs. We work sustainably, transform lives and
create better futures for communities." Hudbay's mission is to create
sustainable value and strong returns by leveraging its core strengths in
community relations, focused exploration, mine development and efficient
operations.
For further information, please contact:
Candace Brule
Vice President, Investor Relations
(416) 814-4387
investor.relations@hudbay.com
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