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Peru

Constancia

Primary Metal

Copper

Daily Ore Milled

86,000 tonnes

Mine Type

Open Pit

PAMPACANCHA

Primary Metal

Copper, Gold

Mine Type

Open Pit

Constancia is one of the lowest cost open-pit sulphide copper mines in South America

Hudbay arrived in Peru with the acquisition of the Constancia copper project in 2011. We completed construction of Constancia in 2014, and the mine went from first production to full production in just five months. The Constancia operations also include the nearby Pampacancha satellite pit, a high grade copper-gold deposit where mining activities began in 2021. We acquired a series of properties near Constancia, adding a large, contiguous block of exploration prospects within trucking distance of the Constancia processing facility.

Number of Employees

891

Mine Life

Constancia
2037
100% of Constancia’s employees are from Peru

2021 Performance (Contained metal in concentrate produced)

Copper

77,813 tonnes

Gold

50,306 ounces

Silver

1,972,949 ounces

2022 Production Guidance (Contained metal in concentrate)

Copper

89,000 - 115,000 tonnes

Gold

70,000 - 90,000 ounces

Silver

1,620,000 - 2,100,000 ounces

Molybdenum

1,100 - 1,400 ounces

Technology

Strengthening safety, efficiency and production at Constancia

Environment

As part of our efforts to manage air quality, Constancia uses a dust suppressor on a 10-kilometre stretch of road. Hudbay was the first mining company in southern Peru to use the dust suppressor and, following its success, many other mining companies in the area have also begun to use it.

Zero
Air quality parameters exceeded at Constancia

Community

Open, honest and continuous community engagement is critical to exploring and developing new mines. This is what we did and continue to do in Peru. We have also made every effort to learn about the language and values of the Peruvian people and to integrate the operation into their culture. In doing so, we have built strong, positive relationships. Since 2012, we have reached more than 90 agreements with communities near Constancia. These agreements include commitments related to local employment and procurement and investments in health, education and infrastructure initiatives.

90+
Agreements reached with communities near Constancia

People

Engaged employees benefit our business in many ways. We launched an engagement program in 2021, which will serve as the framework for all recognition initiatives in Peru, helping build a culture and environment that recognizes notable efforts and fostering a greater sense of purpose among employees.

COBREprogram
(Spanish for copper) Recognition program aiming to increase employee engagement

Reserves and Resources - Constancia

Current mineral reserves and resources as of January 1, 2022

Mineral Reserve and Resource Estimates1,2,3,4,5 Tonnes Cu Grade
(%) 		Mo Grade
(g/t) 		Au Grade
(g/t) 		Ag Grade
(g/t)
Constancia Reserves
Proven 426,200,000 0.29 82 0.042 2.90
Probable 56,800,000 0.24 69 0.043 3.06
Total proven and probable - Constancia 483,000,000 0.28 80 0.042 2.92
Pampacancha Reserves
Proven 36,400,000 0.65 177 0.368 5.26
Probable 1,600,000 0.52 234 0.259 6.33
Total proven and probable - Pampacancha 38,000,000 0.65 179 0.364 5.30
Total proven and probable 521,000,000 0.31 87 0.065 3.09
Constancia Resources
Measured 123,800,000 0.22 64 0.038 2.07
Indicated 118,200,000 0.22 65 0.037 2.08
Inferred - Open Pit 51,000,000 0.30 77 0.054 2.69
Inferred - Underground 6,490,000 1.20 69 0.137 8.62
Pampacancha Resources
Measured 9,200,000 0.37 63 0.293 5.71
Indicated 1,500,000 0.39 152 0.223 6.63
Inferred 6,800,000 0.33 102 0.286 5.01
Total measured and indicated 252,700,000 0.23 65 0.048 2.23
Total inferred 64,300,000 0.40 79 0.087 3.53

Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2Mineral resources in the above tables do not include mining dilution or recovery factors.
3The open pit mineral reserves and resources are estimated using a minimum NSR cut-off of $6.40 per tonne and assuming metallurgical recoveries (applied by ore type) of 86% for copper on average for the life of mine, while the underground inferred resources at Constancia Norte are based on a 0.65% copper cut-off grade.
4Long-term metal prices of $3.45 per pound copper, $11.00 per pound molybdenum, $1,500 per ounce gold, and $20.00 per ounce silver were used to estimate mineral reserves and resources.
5Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources.

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