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


Of our employees in Peru are female


Mine Life

+18 years
100% of Constancia’s employees are from Peru

2023 Performance (Contained metal in concentrate produced)


100,487 tonnes


114,218  ounces


2,505,229  ounces


1,566  tonnes

2024 Production Guidance (Contained metal in concentrate)


98,000 - 120,000 tonnes


76,000 - 93,000 ounces


2,500,000 - 3,000,000 ounces


1,250 - 1,500 tonnes


Strengthening safety, efficiency and production at Constancia


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.

Air quality parameters exceeded at Constancia


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.

Agreements reached with communities near Constancia


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.

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

Reserves and Resources - Constancia

Constancia Operations current mineral reserves and resources as of January 1, 2024

Constancia Operations

Mineral Reserve and Resource Estimates1,2,3,4,5
Tonnes Cu Grade
Mo Grade
Au Grade
Ag Grade
Constancia Reserves
Proven 465,600,000 0.260 78 0.038 2.63
Probable 61,600,000 0.212 64 0.034 2.24
Total Proven and Probable - Constancia 527,200,000 0.254 76 0.037 2.59
Pampacancha Reserves
Proven 20,000,000 0.542 128 0.330 5.44
Probable 500,000 0.157 295 0.111 1.98
Total Proven and Probable - Pampacancha 20,500,000 0.533 132 0.324 5.36
Total Proven and Probable 547,700,000 0.265 78 0.048 2.69
Constancia Resources
Measured 78,400,000 0.213 74 0.039 2.20
Indicated 93,100,000 0.224 90 0.040 1.98
Inferred - Open Pit 29,700,000 0.233 68 0.056 2.58
Inferred - Underground 6,500,000 1.200 69 0.140 8.62
Pampacancha Resources
Inferred 700,000 0.149 65 0.098 2.71
Total Measured and Indicated 171,500,000 0.219 83 0.039 2.08
Total Inferred 36,900,000 0.402 68 0.072 3.65

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 resource estimates are based on resource pit design and do not include factors for mining recovery or dilution.
3The open pit mineral 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.
4Mineral reserves are estimated using a minimum NSR cut-off of $6.40 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming metallurgical recoveries (applied by ore type) of 86% for copper on average for the life of mine.
5Long-term metal prices of $4.00 per pound copper, $12.00 per pound molybdenum, $1,700 per ounce gold and $23.00 per ounce silver were used to confirm the economic viability of the mineral reserve estimates and to estimate mineral resources.

Llaguen Project Mineral Resource Estimate as at January 1, 2024


Mineral Resource Estimate1,2,3,4,5,6
Metric Tonnes Cu Grade
Mo Grade
Au Grade
Ag Grade
CuEq Grade
Indicated Global
(>= 0.14% Cu)
271,000,000 0.33 218 0.033 2.04 0.42
Including Indicated High-grade
(>= 0.30% Cu)
113,000,000 0.49 261 0.046 2.73 0.60
Inferred Global
(>= 0.14% Cu)
83,000,000 0.24 127 0.024 1.47 0.30
Including Inferred High-grade
(>= 0.30% Cu)
16,000,000 0.45 141 0.038 2.60 0.52

1CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2Mineral resources are reported within an economic envelope defined by a pit shell optimization algorithm. This pit shell is defined by a revenue factor of 0.33 assuming operating costs adjusted from Hudbay’s Constancia open pit operation.
3Long-term metal prices of $3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used for the estimation of mineral resources.
4Metal recovery estimates assume that this mineralization would be processed at a combination of facilities, including copper and molybdenum flotation.
5Copper-equivalent (“CuEq”) grade is calculated assuming 85% copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver recovery.
6Specific gravity measurements were estimated by industry standard laboratory measurements.