Citigroup initiates coverage on copper miners Hudbay Minerals and Lundin Mining with 'buy'

Hudbay Minerals

15/12/2025 12:30

** Citigroup initiates coverage on copper miners with "buy" rating

** Brokerage says Hudbay Minerals HBM.TO and Lundin Mining LUN.TO are poised to grow production significantly in the back half of the decade to early 2030s with greenfield projects (Copper World and Vicuna, respectively)

** HBM is optimizing the mill at Copper Mountain for +30% uplift in 2026/2027 production

** LUN is focused on derisking the massive Vicuna project and integrating the district-scale complex while establishing growth at Caserones and Chapada

** Shares of HBM rise ~3% to $19.19 in premarket trading as red metal prices rise on short-covering

COMPANY
PRICE TARGET
UPSIDE/DOWNSIDE TO STOCK'S LAST CLOSE
RATING
Lundin Mining LUN.TO
C$32
17.6%
"Buy"
Hudbay Minerals HBM.TO
$23
23.1%
"Buy"

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))