Hudbay saw the unique opportunity to combine complementary assets and leverage our technical expertise to create value for the stakeholders of both Hudbay and Copper Mountain. The transaction created a premier Americas-focused copper mining company with a stronger operating portfolio and growth potential and positions Hudbay as the third largest copper producer in Canada based on 2023 estimated copper production. It also provides a larger-scale platform with three long-life operating mines, development projects, and a significant mineral resource base.
Copper Mountain’s milling capacity is currently 45,000 tonnes (but permitted up to 50,000 tonnes). As per Hudbay’s recently issued technical report for Copper Mountain, dated December 5, 2023, average annual copper production of 46,500 tonnes is projected over the first five years (beginning in 2024) with an average of 45,000 tonnes for the first 10 years and 37,000 tonnes over the projected 21-year mine life.
Hudbay is continually working to ensure that the local community and Indigenous Rights Holders are well-informed about the operations of its mines. sessions within the community to share information about the mine and the operations. Additionally, local communities, First Nations, town of Princeton, village of Keremeos, and the Regional District of Okanagan–Similkameen (RDOS) participate in all major permit authorizations and permit amendment reviews. Our commitment is to be transparent and build positive relationships for all parties involved.
Although we recognize that there is still more work to be done, one of the examples of the work we are doing in BC is the appointment of an on-site General Manager for First Nations, Community and Government Relations. This role is of utmost importance as it provides leadership and helps in building positive relationships with key parties. Ultimately, this ensures that First Nation and community concerns and needs are heard and addressed effectively.
The New Ingerbelle project is currently proceeding through the Coordinated Authorizations Process of the Major Mines Office (MMO) which is a defined process that brings together multiple ministries, Indigenous nations, other governments and reviewers through the creation of a Mine Review Committee (MRC). The Coordinated Authorizations Process provides for the direct involvement and input of the Indigenous nations through consultation and engagement by both Hudbay and MMO. The Coordinated Authorizations Process enables Upper Similkameen Indian Band (USIB) and Lower Similkameen Indian Band (LSIB) to be informed of, and to provide input into, the project.
The Ingerbelle pit is a contiguous component of the existing mine. Open pit mining at the mine commenced with mining of the Ingerbelle pit from 1970 to 1980 before the subsequent development of the Copper Mountain open pits. Additional open pit mining was conducted from the Ingerbelle pit from 1995 to 1996 prior to the mine being shut down due to adverse market conditions at that time. Therefore, the New Ingerbelle project is not a “new project”.
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Hudbay’s Tailings Governance Charter establishes the governance to support the safe management of tailings facilities. Each site or business unit has a tailings management system that is responsible for day-to-day activities – such as planning, monitoring, risk identification and reporting – associated with the safe management of tailings design, construction and operation.
The health and safety of our team and surrounding communities is a top priority for Hudbay. Maintaining the structural integrity of our tailings management facility (TMF) at the Copper Mountain mine is essential to ensuring safe operations. That is why we have a multi-level review process in place that involves several experts and third-party professional engineers. This robust process includes an independent Engineer of Record (EoR) and an Independent Tailings Review Board (ITRB) who meet with site management on a semi-annual basis to review design and performance of the tailings facility. We also complete an independent Dam Safety Review (DSR) every 5 years as required in the Province of B.C. Once again, this is completed by qualified individuals with the technical, professional, and ethical qualifications required to complete such an analysis within the Province of B.C. The most recent DSR was completed in late 2021.
Hudbay’s history of successfully developing and operating mines includes making a positive impact on society through strong community relations and investments to advance sustainable communities. Through jobs, business opportunities, taxes and royalties, community development programs and investments in infrastructure investments, we aim to support and help advance socio-economic development in the regions and communities where we operate. We recognize Indigenous rights and intend to resolve any issues while maintaining good relations with all of our neighbours.
The current operation at the mine directly employs approximately 500 people with an annual payroll of approximately $60 million and supports over a dozen communities in B.C. through the purchase of supplies and services totalling some $250 million annually.