S&P Global Upgrades Hudbay Minerals Inc. (HBM) to BB- on Strong Cash Flow

On February 26, S&P Global Ratings boosted Hudbay Minerals Inc. (NYSE:HBM) to 'BB-' from 'B+' with a steady outlook, noting higher cash flow and decreased leverage as a result of stronger-than-expected 2025 revenues and earnings.

The company was able to produce $174 million in adjusted free operating cash flow in 2025, driven by a 22% increase in EBITDA. Greater realized copper and gold prices, which climbed by 11% and 47%, respectively, over 2024, led to higher earnings despite lower production volumes.

Additionally, Mitsubishi Corp. awarded Hudbay Minerals Inc. (NYSE:HBM) $420 million in January 2026 for a 30% share in its Copper World development project in Arizona, with a further $180 million anticipated over the following 18 months. The company plans to complete a feasibility report on the project within the coming months before confirming a construction commitment sometime this year.

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company that explores, develops, operates, and optimizes properties in North and South America.

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