HBM HudBay Minerals Inc

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  UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM SD

SPECIALIZED DISCLOSURE REPORT

HUDBAY MINERALS INC.

Canada	001-34244	98-0485558
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

25 York Street, Suite 800 Toronto, Ontario Canada	M5J 2V5
(Address of Principal Executive Offices)	(Zip Code)

Patrick Donnelly

Hudbay Minerals Inc.

(416) 362-8181

(Name and telephone number, including area code, of the person to contact in connection with this report.)

Check the appropriate box to indicate the rule pursuant to which this form is being filed:

o	Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2023.
√	Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2023.

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Section 1 - Conflict Minerals Disclosure

Item 1.01 Conflict Minerals Disclosure and Report

Not applicable.

Item 1.02 Exhibit

Not applicable.

Section 2 - Resource Extraction Issuer Disclosure

Item 2.01 Resource Extraction Issuer Disclosure and Report

Hudbay Minerals Inc. (the "Company") is subject to the reporting obligations under Canada's Extractive Sector Transparency Measures Act ("ESTMA"). In accordance with the reporting obligations under ESTMA, the Company and Copper Mountain Mine (BC) Ltd., one of the Company's subsidiaries, have each filed an annual report with the Government of Canada, which, in aggregate, discloses the resource extraction payments made by the Company and its subsidiaries during the prior fiscal year, on a consolidated basis (together, the "Annual ESTMA Reports").

The United States Securities and Exchange Commission has deemed ESTMA to be an "alternative reporting regime" for the purposes of satisfying the disclosure requirements of Rule 13q-1 of the Securities Exchange Act of 1934, as amended. Accordingly, the Company is relying on the alternative reporting provision of Item 2.01 and is providing the Annual ESTMA Reports for the year ended December 31, 2023 to satisfy the requirements of Item 2.01.

Section 3 - Exhibits

Item 3.01 Exhibits

The following exhibits are being filed as part of this Report.

Exhibit No.	Description
2.01	ESTMA Report for the Year Ended December 31, 2023 for Hudbay Minerals Inc.
2.02	ESTMA Report for the Year Ended December 31, 2023 for Copper Mountain Mine (BC) Ltd.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.

HUDBAY MINERALS INC.
By:	/s/Patrick Donnelly	Date:	September 17, 2024
Name: Patrick Donnelly
Title: Senior Vice President, Legal and Organizational Effectiveness

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Entity Name	Hudbay Minerals Inc
Reporting Year	From	1/1/2023	To:	12/31/2023	Date submitted	5/28/2024
Reporting Entity ESTMA Identification Number	E999414		Original Submission Amended Report
Other Subsidiaries Included (optional field)
Not Consolidated
Not Substituted
Attestation by Reporting Entity
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.
Full Name of Director or Officer of Reporting Entity	Eugene Lei				Date	5/28/2024
Position Title	CFO

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	1/1/2023	To:	12/31/2023
Reporting Entity Name	Hudbay Minerals Inc					Currency of the Report	USD
Reporting Entity ESTMA Identification Number	E999414
Subsidiary Reporting Entities (if necessary)

Payments by Payee
Country	Payee Name1	Departments, Agency, etc — within Payee that Received Payments2	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid to Payee	Notes34
Canada	Provincial Government of Manitoba				1,220,000					1,220,000	(e) (f)
Canada	Town of Snow Lake		2,000,000							2,000,000	(a) (e)
Canada	City of Flin Flon		4,000,000							4,000,000	(a) (e)
Canada	Town of Creighton		900,000							900,000	(a) (e)
Peru	Government of Peru		27,440,000	21,060,000	1,800,000				460,000	50,760,000	(a) (b) (c) (e)
Peru	Province of Chumbivilcas								380,000	380,000	(b) (c) (e)
Peru	Municipal District of Velille								3,940,000	3,940,000	(b) (c) (e)
Peru	Municipal District of Livitaca								3,740,000	3,740,000	(b) (c) (e)
Peru	Municipal District of Chamaca								900,000	900,000	(b) (c) (e)
Peru	Municipal District of Llusco								250,000	250,000	(b) (c) (e)
Peru	Town of Pulpera Condes								220,000	220,000	(b) (c) (e)
Peru	Municipal District of Quinota								220,000	220,000	(b) (c) (e)
Peru	Municipal District of Coporaque								180,000	180,000	(b) (c) (e)
Peru	Municipal District of Capacmarca								150,000	150,000	(b) (c) (e)
Peru	Municipal District of Condoroma								120,000	120,000	(b) (c) (e)
Peru	Cusco Regional Government								920,000	920,000	(b) (c) (e)
United States of America	Pima County	Pima County Treasurer	80,000							80,000	(a) (d)
United States of America	Arizona State Government				130,000					130,000	(g) (d)
United States of America	Governement of the United States of America	Bureau of Land Management			620,000					620,000	(d)
Additional Notes:	HBM Management Footnotes (a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited consolidated financial statements. (b) Infrastructure improvement payments captures any payment or payment in-kind that are reportable under ESTMA and improve the operation of society that are not captured by the other payment categories. (c) In-kind values have been reported using cost. If the cost is not determinable, the in-kind payment has been reported at the fair market value using an arm's length commercial value. In-kind infrastructure improvement payments in the amount of $0 were reported. (d) Amounts are reported in U.S. dollars consistent with the entity's metod of reporting transactions in foreign currencies in its financial statements.  (e) FX (Sol or CAD to USD) rate used is the financial year end FX rate provided from the Bank of Canada 1 Sol = 0.2628 USD /  1 USD = 3.805 Sol, and 1 CAD= 0.7363 USD / 1 USD = 1.3582 CAD. (f) Minister of Finance of Manitoba, Ministry of Energy and Resources and, Manitoba Mines Branch. (g) Arizona Department of Environmental Quality, Arizona Department of Water Resources and Arizona State Land Department. Copper Mountain Mine (BC) Ltd. (“CMBC”) is a directly owned subsidiary of Hudbay, with Hudbay owning a 75% interest in CMBC and MM Corporation, a wholly-owned subsidiary of Mitsubishi Materials Corporation, owning the remaining 25% interest in CMBC. CMBC is a reporting entity under ESTMA and, as a result, CMBC has filed a separate and standalone ESTMA report. For additional clarity, all responsive CMBC information is (i) included in CMBC's separate and standalone ESTMA report and (ii) excluded from this Hudbay consolidated ESTMA report.

1 Enter the proper name of the Payee receiving the money (i.e. the municipality of x, the province of y, national government of z).

2 Optional field.

3 When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

4 Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the Additional notes row or the Notes column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	1/1/2023	To:	12/31/2023
Reporting Entity Name	Hudbay Minerals Inc					Currency of the Report	USD
Reporting Entity ESTMA Identification Number	E999414
Subsidiary Reporting Entities (if necessary)

Payments by Project
Country	Project Name1	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid by Project	Notes23
Canada	Manitoba and British Columbia	6,900,000	-	1,220,000					8,120,000	(a) (e)
Peru	Constancia	27,440,000	21,060,000	1,800,000				11,480,000	61,780,000	(a) (b) (c) (e)
United States of America	Copper World	80,000	-	750,000					830,000	(a) (d)
Additional Notes3:	HBM Management Footnotes (a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited consolidated financial statements. (b) Infrastructure improvement payments captures any payment or payment in-kind that are reportable under ESTMA and improve the operation of society that are not captured by the other payment categories. (c) In-kind values have been reported using cost. If the cost is not determinable, the in-kind payment has been reported at the fair market value using an arm's length commercial value. In-kind infrastructure improvement payments in the amount of $0 were reported. (d) Amounts are reported in U.S. dollars consistent with the entity's metod of reporting transactions in foreign currencies in its financial statements.  (e) FX (Sol or CAD to USD) rate used is the financial year end FX rate provided from the Bank of Canada 1 Sol = 0.2628 USD /  1 USD = 3.805 Sol, and 1 CAD= 0.7363 USD / 1 USD = 1.3582 CAD. Copper Mountain Mine (BC) Ltd. (“CMBC”) is a directly owned subsidiary of Hudbay, with Hudbay owning a 75% interest in CMBC and MM Corporation, a wholly-owned subsidiary of Mitsubishi Materials Corporation, owning the remaining 25% interest in CMBC. CMBC is a reporting entity under ESTMA and, as a result, CMBC has filed a separate and standalone ESTMA report. For additional clarity, all responsive CMBC information is (i) included in CMBC's separate and standalone ESTMA report and (ii) excluded from this Hudbay consolidated ESTMA report. .

1 Enter the project that the payment is attributed to. Some payments may not be attributable to a specific project, and do not need to be disclosed in the "Payments by Project" table.

2 When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

3 Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the "Additional Notes" row or the "Notes" column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Entity Name	Copper Mountain Mine (BC) LTD
Reporting Year	From	1/1/2023	To:	12/31/2023	Date submitted	5/28/2024
Reporting Entity ESTMA Identification Number	E037058		Original Submission Amended Report
Other Subsidiaries Included (optional field)
Not Consolidated
Not Substituted
Attestation by Reporting Entity
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.
Full Name of Director or Officer of Reporting Entity	Eugene Lei				Date	5/28/2024
Position Title	Chair of the Board

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	1/1/2023	To:	12/31/2023
Reporting Entity Name	Copper Mountain Mine (BC) LTD					Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E037058
Subsidiary Reporting Entities (if necessary)

Payments by Payee
Country	Payee Name	Departments, Agency, etc — within Payee that Received Payments	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid to Payee	Notes
Canada	Provincial Government of British Columbia	Ministry of Finance	650,000		260,000					910,000
Canada	Town of Princeton		630,000							630,000
Canada	Lower Similkameen Indian Band				340,000					340,000
Canada	Upper Similkameen Indian Band				340,000					340,000
Additional Notes:	(a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited financial statements.

 

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Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	1/1/2023	To:	12/31/2023
Reporting Entity Name	Copper Mountain Mine (BC) LTD					Currency of the Report	USD
Reporting Entity ESTMA Identification Number	E037058
Subsidiary Reporting Entities (if necessary)

Payments by Project
Country	Project Name	Taxes (a)	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid by Project	Notes
Canada	British Columbia	1,280,000	-	940,000					2,220,000
Additional Notes:	(a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited financial statements.

 

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v3.24.3

Document Information	12 Months Ended
	Dec. 31, 2023
Document Information:
Document Type	2.01 SD
Amendment	false
CIK	0001322422
Registrant Name	Hudbay Minerals Inc.
Period End Date	Dec. 31, 2023
Reporting Currency	USD

v3.24.3

Payments, by Category - 12 months ended Dec. 31, 2023	CAD ($)	USD ($)	Copper Mountain Mine BC LTD CAD ($)
Payments:
Taxes	$ 1,280,000	$ 34,420,000	$ 1,280,000
Royalties		21,060,000
Fees	940,000	3,770,000	940,000
Infrastructure		11,480,000
Total Payments	$ 2,220,000	$ 70,730,000	$ 2,220,000

v3.24.3

Payments, by Project - 12 months ended Dec. 31, 2023	Taxes CAD ($)	Taxes USD ($)	Royalties USD ($)	Fees CAD ($)	Fees USD ($)	Infrastructure USD ($)	Total Payments CAD ($)	Total Payments USD ($)
Total	$ 1,280,000	$ 34,420,000	$ 21,060,000	$ 940,000	$ 3,770,000	$ 11,480,000	$ 2,220,000	$ 70,730,000
British Columbia
Total	$ 1,280,000			$ 940,000			$ 2,220,000
Constancia
Total		27,440,000	$ 21,060,000		1,800,000	$ 11,480,000		61,780,000
Copper World
Total		80,000			750,000			830,000
Manitoba and British Columbia
Total		$ 6,900,000			$ 1,220,000			$ 8,120,000

v3.24.3

Payments, by Government - 12 months ended Dec. 31, 2023	Taxes CAD ($)	Taxes USD ($)	Royalties USD ($)	Fees CAD ($)	Fees USD ($)	Infrastructure USD ($)	Total Payments CAD ($)	Total Payments USD ($)
Total	$ 1,280,000	$ 34,420,000	$ 21,060,000	$ 940,000	$ 3,770,000	$ 11,480,000	$ 2,220,000	$ 70,730,000
CANADA
Total	1,280,000	6,900,000		940,000	1,220,000		2,220,000	8,120,000
CANADA | City of Flin Flon
Total		4,000,000						4,000,000
CANADA | Lower Similkameen Indian Band
Total				340,000			340,000
CANADA | Ministry of Finance
Total	650,000			260,000			910,000
CANADA | Provincial Government of Manitoba
Total					1,220,000			1,220,000
CANADA | Town of Crieghton
Total		900,000						900,000
CANADA | Town of Princeton
Total	$ 630,000						630,000
CANADA | Town of Snow Lake
Total		2,000,000						2,000,000
CANADA | Upper Similkameen Indian Band
Total				$ 340,000			$ 340,000
PERU
Total		27,440,000	21,060,000		1,800,000	11,480,000		61,780,000
PERU | Cusco Regional Government
Total						920,000		920,000
PERU | Government of Peru
Total		27,440,000	$ 21,060,000		1,800,000	460,000		50,760,000
PERU | Municipal District of Capacmarca
Total						150,000		150,000
PERU | Municipal District of Chamaca
Total						900,000		900,000
PERU | Municipal District of Condoroma
Total						120,000		120,000
PERU | Municipal District of Coporaque
Total						180,000		180,000
PERU | Municipal District of Livitaca
Total						3,740,000		3,740,000
PERU | Municipal District of Llusco
Total						250,000		250,000
PERU | Municipal District of Quinota
Total						220,000		220,000
PERU | Municipal District of Velille
Total						3,940,000		3,940,000
PERU | Province of Chumbivilcas
Total						380,000		380,000
PERU | Town of Pulpera Condes
Total						$ 220,000		220,000
UNITED STATES
Total		80,000			750,000			830,000
UNITED STATES | Arizona State Government
Total					130,000			130,000
UNITED STATES | Bureau of Land Management
Total					$ 620,000			620,000
UNITED STATES | Pima County Treasurer
Total		$ 80,000						$ 80,000

v3.24.3

Payments, Details - 12 months ended Dec. 31, 2023	Amount CAD ($)	Amount USD ($)	Type	Country	Subnat. Juris.	Govt.	Project
#: 1
		$ 1,220,000	Fees	CANADA	MANITOBA	Provincial Government of Manitoba	Manitoba and British Columbia
#: 2
		2,000,000	Taxes	CANADA	MANITOBA	Town of Snow Lake	Manitoba and British Columbia
#: 3
		4,000,000	Taxes	CANADA	MANITOBA	City of Flin Flon	Manitoba and British Columbia
#: 4
		900,000	Taxes	CANADA	SASKATCHEWAN	Town of Crieghton	Manitoba and British Columbia
#: 5
		27,440,000	Taxes	PERU		Government of Peru	Constancia
#: 6
		21,060,000	Royalties	PERU		Government of Peru	Constancia
#: 7
		1,800,000	Fees	PERU		Government of Peru	Constancia
#: 8
		460,000	Infrastructure	PERU		Government of Peru	Constancia
#: 9
		380,000	Infrastructure	PERU		Province of Chumbivilcas	Constancia
#: 10
		3,940,000	Infrastructure	PERU		Municipal District of Velille	Constancia
#: 11
		3,740,000	Infrastructure	PERU		Municipal District of Livitaca	Constancia
#: 12
		900,000	Infrastructure	PERU		Municipal District of Chamaca	Constancia
#: 13
		250,000	Infrastructure	PERU		Municipal District of Llusco	Constancia
#: 14
		220,000	Infrastructure	PERU		Town of Pulpera Condes	Constancia
#: 15
		220,000	Infrastructure	PERU		Municipal District of Quinota	Constancia
#: 16
		180,000	Infrastructure	PERU		Municipal District of Coporaque	Constancia
#: 17
		150,000	Infrastructure	PERU		Municipal District of Capacmarca	Constancia
#: 18
		120,000	Infrastructure	PERU		Municipal District of Condoroma	Constancia
#: 19
		920,000	Infrastructure	PERU		Cusco Regional Government	Constancia
#: 20
		80,000	Taxes	UNITED STATES	ARIZONA	Pima County Treasurer	Copper World
#: 21
		130,000	Fees	UNITED STATES	ARIZONA	Arizona State Government	Copper World
#: 22
		$ 620,000	Fees	UNITED STATES		Bureau of Land Management	Copper World
#: 23
	$ 650,000		Taxes	CANADA	BRITISH COLUMBIA	Ministry of Finance	British Columbia
#: 24
	260,000		Fees	CANADA	BRITISH COLUMBIA	Ministry of Finance	British Columbia
#: 25
	630,000		Taxes	CANADA	BRITISH COLUMBIA	Town of Princeton	British Columbia
#: 26
	340,000		Fees	CANADA	BRITISH COLUMBIA	Lower Similkameen Indian Band	British Columbia
#: 27
	$ 340,000		Fees	CANADA	BRITISH COLUMBIA	Upper Similkameen Indian Band	British Columbia

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