Hudbay Minerals Stock Rises After Restarting Manitoba Mines Shut By Wildfires

Hudbay Minerals (HBM) stock gained 3.3% on Monday after the company resumed operations in the Snow Lake region in Manitoba following the lifting of evacuation orders in the area on June 14 after wildfires shuttered production.

The Company said it is closely working with local communities and local and state government bodies to support the return of its employees and their families to the wildfire-affected region.

Hudbay said precautionary measures have ensured that the wildfires have not caused structural damage to its infrastructure and facilities near the towns of Snow Lake and Flin Flon in Manitoba.

The company said it began mining activities at the Lalor mine over the weekend, with a focus on prioritizing the gold zones initially.

While milling activities at the New Britannia gold mill are expected to ramp up to full production this week, the Stall base metal concentrator will ramp up to full production next week.

The operations were paused this month after Manitoba declared an evacuation order, asking thousands to leave their home as wildfires burned thousands of acres across Canada.

Hudbay said it still expects to achieve its annual forecasts for Manitoba in 2025, due to its strong performance to date.

Its Manitoba operations had produced 60,354 ounces of gold in the first quarter.

Separately, BofA raised the price target for the stock to $11.50 from $9.50, following a rally in gold prices.

Retail sentiment on Stocktwits was in the ‘neutral’ (49/100) territory, while retail chatter was ‘high.’

Hudbay Minerals stock has gained 22.7% this year.

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