Hudbay Minerals Inc. (NYSE:HBM) carries a forward P/E of 15.20x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 12.90% upside for the stock.
However, uncertainty over copper tariffs is back in focus, and Hudbay Minerals Inc. (NYSE:HBM) is among the names being watched closely as the White House edges toward a potential policy decision.
On June 12, 2026, Jefferies analysts said President Trump may announce a decision on refined copper tariffs later this month. The firm outlined a scenario where tariffs start at 15% in January 2027, rising to 30% in January 2028, though a delay of six to twelve months remains possible. Jefferies identified Freeport-McMoRan and Rio Tinto as having the most direct exposure to US copper prices, with Hudbay Minerals Inc. (NYSE:HBM) and Ivanhoe Electric also facing potential impacts.
The backdrop here matters. On August 1, 2025, Trump implemented Section 232 tariffs at a 50% rate on semi-finished copper products, citing national security concerns, though refined copper imports were excluded at that time. The Department of Commerce has since recommended a 15% tariff on copper raw material imports starting January 1, 2027, stepping up to 30% in January 2028, and must deliver an updated report by June 30, 2026, for Trump to act on refined copper.
Refined copper currently accounts for 40% to 50% of the US supply. Jefferies noted that extending tariffs to refined copper would lift domestic price premiums and tighten supply until new refining and smelting capacity comes online, a process expected to take several years. COMEX prices have already moved above LME in anticipation, though the current premium remains below the proposed 15% tariff level.
Separately, on May 28, Hudbay Minerals Inc. (NYSE:HBM) received Toronto Stock Exchange approval for a normal course issuer bid to repurchase up to 19,863,997 common shares, or 5% of shares outstanding as of May 21.
The program runs from June 1, 2026, to May 31, 2027, with repurchased shares earmarked for cancellation and funded through operating cash flow. Daily TSX purchases are capped at 469,604 shares, excluding permitted block purchases. The company renewed the program because it believes the current share price does not fully reflect its underlying value, though it offered no guarantee on the number of shares that will ultimately be bought back.
Hudbay Minerals Inc. (NYSE:HBM) is a mining company that produces copper concentrate, molybdenum concentrate, and zinc metal. The company’s focus is on the production, discovery, and marketing of base and precious metals.
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