Hudbay Minerals (HBM.TO) Buy, Sell or Hold

Hudbay Minerals (HBM.TO)

34.33

-0.17 (0.49%)

as of Oct 15, 2026, 8:00:00 pm Market Open.

273 watching

TOP PICK

Well cashed up. Just did a deal with Silver Wheaton (SLW-T) on one of the new Gastanzia (?) properties. Have got about $1.5 billion in new project financing required over the next 3 years. All the money is in place now. Sitting on $700 million in cash. 2.3% dividend.

HOLD

About 55% of market cap is in cash. Don’t sell here. Trades at a reasonable balance sheet but they need to fund this project. They could sell some of their gold stream and not just use their cash. Wont be a lot of upside right now but it is a good defensive name.

HOLD

Good management. Commands the space in Manitoba, a great mining territory, where 20-40 great mines have been developed. Expanding into Latin America, so you need patience.

BUY

Likes this one. Cheap. Has copper and zinc exposure. Street seems to be divided on this company. Some non-believers who are disillusioned as to whether the company will be demonstrating any solid growth over the next couple of years. Risk is how they are going to finance their Peruvian project. Pulled their debenture offering but there is still lots of time for them to figure it out. Balance sheet is very, very strong. Offers good value.

DON'T BUY

Hudbay Minerals (HBM-T) or Inmet Mining (IMN-T)? This company is on his watchlist but he finds the company a little bit too confusing in some ways.

BUY

There has been strong movement back in the last quarter in terms of all producer prices. Very strong balance sheet and they operate in less politically risky areas. Have been doing a lot of strategic tuck-in acquisitions but you have to have a 3-5 year investment horizon because they will be developing some properties and CapX is going to go up considerably so there could be a period here where earnings are relatively flat.

PAST TOP PICK

(A Top Pick June 9/11. Down 44.26%.) Sold his holdings when it looked like they needed more CapX, which would be difficult for them.

DON'T BUY

There is a lot of CapX that the company is going to put into their Peruvian project. Although they have a lot of cash on their balance sheet, cash outlay is going to be significant over the next 2 years. Prefers Lundin Mining (LUN-T).

BUY

Good quality stock. $3 or $4 cash. Likes long-term prospects. Has been adding to resource base, new minds coming on. Will move fast and far when it does.

DON'T BUY

Great balance sheet, half cash. 9 times earnings. Tried to raise money recently on a debt issue so it pulled back. They will have a lot of cap-x on a project coming up. They have to rein in cash.

DON'T BUY

(Market Call Minute) Don’t know where they want to go from here.

PAST TOP PICK

(Top Pick May 16, 2011, Down 42.67%) He switched into Freeport (FCX-N)

TOP PICK

A compelling valuation today. Has a lot of cash on its strong balance sheet. Good potential growth prospects and a good financial base.

WATCH

This is a great entry point level if you didn’t know what was going on in Europe. Great balance sheet, but it will take all their cash to bring the mine on stream. Will add when he is more comfortable with outside risk.

COMMENT

Is this a value play? It depends on if they can build their new mine. Had a high yield bond issue earlier this week. For any mining company, you are digging stuff out of the ground and the value of the company is declining if you don't have a stream of new projects to come through. (See Top Picks.)

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Hudbay Minerals (HBM.TO)