Hudbay Minerals details Arizona Sonoran integration and Cactus project funding

Hudbay Minerals has finalized the details regarding the integration of Arizona Sonoran Copper Company. Following the acquisition completed in June, the company confirmed a stock exchange ratio where Arizona Sonoran shareholders will receive 0.2420 Hudbay Minerals shares for each share held.

To advance the Cactus Project in Pinal County, Arizona, Hudbay plans to allocate approximately $30 million in the second half of 2026. These funds are earmarked for exploration, risk mitigation, and an updated Pre-Feasibility Study (PFS), which is now scheduled for completion in the second half of 2027.

The project is noted for its competitive capital intensity of $10,894 per tonne and is viewed as a strategic move to secure domestic copper cathode production within the United States.

Additionally, a management transition is underway. Former Arizona Sonoran CEO George Ogilvie and six other key executives will depart to lead Hercules Metals Corp., effective September 1. This follows Hudbay's acquisition of the remaining 90.01 percent of Arizona Sonoran shares for approximately 1.6 billion Canadian dollars.