<SEC-DOCUMENT>0000950170-25-072075.txt : 20250515
<SEC-HEADER>0000950170-25-072075.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515093109
ACCESSION NUMBER:		0000950170-25-072075
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudbay Minerals Inc.
		CENTRAL INDEX KEY:			0001322422
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980485558
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86035
		FILM NUMBER:		25949334

	BUSINESS ADDRESS:	
		STREET 1:		25 YORK STREET, SUITE 800
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2V5
		BUSINESS PHONE:		416-362-8181

	MAIL ADDRESS:	
		STREET 1:		25 YORK STREET, SUITE 800
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2V5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HudBay Minerals Inc.
		DATE OF NAME CHANGE:	20050331

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GMT CAPITAL CORP
		CENTRAL INDEX KEY:			0001106191
		ORGANIZATION NAME:           	
		EIN:				582021147
		STATE OF INCORPORATION:			GA

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2859 PACES FERRY ROAD SE
		STREET 2:		SUITE 1710
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339
		BUSINESS PHONE:		7709898250

	MAIL ADDRESS:	
		STREET 1:		2859 PACES FERRY ROAD SE
		STREET 2:		SUITE 1710
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000950170-25-021038</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001106191</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>10</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001322422</issuerCik>
        <issuerName>Hudbay Minerals Inc. </issuerName>
        <issuerCusip>443628102</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">25 York Street </street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">Suite 800</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Toronto</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">A6</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">M5J 2V5</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>GMT Capital Corp. </reportingPersonName>
      <citizenshipOrOrganization>GA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>32963120</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>32963120</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32963120</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.35</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>Calculated based on 394,999,072 shares of common stock of the Issuer (the "Common Stock") outstanding as of March 25, 2025, as reported on the Issuer's Report on the Annual Information Form, filed on SEDAR+ on March 27, 2025. </comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Thomas E. Claugus </reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>32963120</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>32963120</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>32963120</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.35</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <comments>Calculated based on 394,999,072 shares of common stock of the Issuer (the "Common Stock") outstanding as of March 25, 2025, as reported on the Issuer's Report on the Annual Information Form, filed on SEDAR+ on March 27, 2025. </comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Hudbay Minerals Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>The principal executive offices of the Issuer are located at 25 York Street, Suite 800, Toronto, Ontario, M5J 2V5, Canada</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>i)	GMT Capital Corp. ("GMT Capital") with respect to shares of Common Stock directly owned by each of Bay Resource Partners, L.P. ("Bay"), Bay II Resource Partners, L.P. ("Bay II"), Bay Resource Partners Offshore Master Fund, L.P. ("Bay Offshore") and certain sub-advisory and separate account clients advised by GMT Capital (together with Bay, Bay II and Bay Offshore, collectively, the "Managed Funds and Accounts").

ii)	Thomas E. Claugus, the control person of GMT Capital, with respect to the shares of Common Stock directly owned by the Managed Funds and Accounts.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 2859 Paces Ferry Road SE Suite 1710, Atlanta, GA 30339.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>GMT Capital is a Georgia corporation.
Mr. Claugus is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Rows 5 through 11 of each Reporting Person's cover page. </amountBeneficiallyOwned>
        <classPercent>See Rows 5 through 11 of each Reporting Person's cover page. </classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Rows 5 through 11 of each Reporting Person's cover page. </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Rows 5 through 11 of each Reporting Person's cover page. </sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Rows 5 through 11 of each Reporting Person's cover page. </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Rows 5 through 11 of each Reporting Person's cover page. </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>Thomas E. Claugus is the President of GMT Capital and in that capacity directs the operations GMT Capital, including the voting and disposition of shares held by the Managed Funds and Accounts.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>GMT Capital Corp.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Omar Z. Idilby</signature>
        <title>Omar Z. Idilby, General Counsel and CCO</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Thomas E. Claugus</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Thomas E. Claugus</signature>
        <title>Thomas E. Claugus, Omar Z. Idilby, attorney in fact*</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>*         Omar Z. Idilby is signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby
incorporated by reference herein. The power of attorney was filed as an attachment to a filing by GMT Capital Corp. on Schedule 13G for Hudbay Minerals Inc. on 2/12/24.</signatureComments>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
