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Hudbay Minerals Inc

HBM

Materials

2

exclusion reasons

2 themes

Fossil Fuels (1) Environmental Harm (1)
HBM Materials Current as of March 2026

Hudbay Minerals Inc is screened out under 2 exclusion reasons spanning 2 issue categories.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Extractive Industries
Since Nov 29, 2021

Hudbay Minerals Inc. is a copper-focused mining company that extracts base and precious metals, including copper, gold, silver, zinc, and molybdenum. In 2024, the company produced approximately 138,000 tonnes of copper concentrate from its operations in Peru, Manitoba, and Arizona.

The company has been the subject of multiple, high-profile lawsuits alleging severe human rights abuses connected to its mining activities abroad. Hudbay faced litigation in Canadian courts from Indigenous Mayan Guatemalans related to its former Fenix nickel project. Plaintiffs accused the company’s security personnel of shootings, killings, and sexual assaults against community members. These cases, which alleged the company was negligent for abuses committed by its subsidiary’s security forces, were settled out of court in 2024.

While the legal claims were settled, the allegations represent a serious pattern of alleged community harm linked to the company’s extractive operations. The litigation, documented in sources including the Business & Human Rights Resource Centre, underscores the human rights risks inherent in Hudbay’s international mining business model.

Environmental Damage
Since Oct 14, 2021

Hudbay Minerals operates the Constancia copper mine in Peru and the former Fenix nickel project in Guatemala, both of which have been the subject of documented environmental destruction and associated legal claims. In Guatemala, the Fenix project (formerly owned by Hudbay subsidiary HMI Nickel) is the subject of the landmark lawsuit *Choc v. Hudbay Minerals Inc.*, filed in Ontario in 2011. The suit alleges that security personnel employed by the company’s subsidiary shot and killed Adolfo Ich Chaman, a local community leader, and caused severe injuries to German Chub Choc during a forced eviction related to the mine’s expansion. The claims, which include allegations of environmental negligence leading to water contamination, represent a precedent-setting case where a Canadian parent company was sued in its home courts for harms alleged at a foreign subsidiary.

In Peru, Hudbay’s Constancia copper mine has been linked to serious environmental offenses and human rights violations. A 2023 report on German copper imports specifically cited the Peruvian copper sector, in which Hudbay operates, for being “accompanied by serious human rights violations and environmental offenses.” A 2019 ruling by a Peruvian court found that a security contract between Hudbay’s local operations and the national police resulted in biased state action against local communities. Furthermore, a 2014 warning from a Canadian mining watchdog highlighted Hudbay’s record of “toxic emissions” and impacts on Indigenous rights and protected areas. Public campaigns have explicitly linked the company to toxic waste and biodiversity destruction, with advocates stating “the company is now as toxic as its mining” and calling for divestment unless operations respect no-go zones for uncontacted Indigenous peoples.

Research Sources 17 organizations

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.