Stifel notes that Buy-rated Hudbay has received the Air Quality Permit for Phase 1 of its Copper World project in Arizona. This is the last of 3 major state-level permits, meaning Phase 1 is now substantially de-risked from a permitting perspective, the firm says. Lack of growth avenues has long been a perceived knock against HudBay shares, and Stifel views the de-risking of growth project Copper World as key to undoing this perception and potentially driving a re-rating of the company’s stock, currently trading at a discount to peers. Clearing this permitting hurdle also uncovers new catalysts for the stock in 2025, as the company can now fully engage in JV/funding talks for Copper World, adds the firm.
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