Hudbay Minerals: Eight Capital upgrades on higher copper price forecast
21/01/2021 16:56
** Eight Capital upgrades diversified mining co HBM.TO to
"buy" from "neutral" based on share performance and higher
copper price forecast
** Raises price target to C$12.50 from C$9.50
** Expects strategies in Manitoba and full-site access for
development at Pampacancha copper deposit in Peru to drive
forward progress on valuation through 2021
** Brokerage's other top sector picks include Agnico Eagle
Mines AEM.TO , B2Gold BTO.TO , First Quantum FM.TO , Freeport
FCX.N and Kinross Gold K.TO
** Says reserve replacement a key challenge for the gold
industry, sees AEM, Barrick ABX.TO , Kinross and Yamana
YRI.TO as best-positioned for the same
** Expects exploration spending to increase significantly in
2021 relative to the past several years as gold producers
recover from COVID-19-related slowdowns in spending
(Reporting by Arundhati Sarkar in Bengaluru)
((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))