09:46 AM EDT, 08/30/2024 (MT Newswires) -- HudBay Minerals ( HBM ) on Friday said it secured the Aquifer Protection Permit for its Copper World project in Arizona, the second of three key permits required for the project.

Hudbay shares were last seen up $0.23, or 2.2%, to $10.79 on the Toronto Stock Exchange.

The company said the permit from the Arizona Department of Environmental Quality is a key milestone for the project, which aims to produce 85,000 tonnes of copper annually for 20 years.

Hudbay received its Mined Land Reclamation Plan Permit from the state last year and is awaiting its Air Quality Permit, with process currently in a public comment period that ends next month.

"Receiving the Aquifer Protection Permit is a significant de-risking event for Copper World as it brings us one step closer to being fully permitted. The last key state-level permit, the Air Quality Permit, continues to progress as planned and will mark the completion of one of the three key prerequisites in the company's prudent sanctioning plan for the project," chief executive Peter Kukielski said in a release.

Price: 10.79, Change: +0.23, Percent Change: +2.18