Which would you buy as between the two and why?
HBM: Constancia Mine (Cusco, Peru)
Primary metals: Copper, gold, silver, molybdenum
Production (2024): 137,943 tonnes copper, 332,240 oz gold, 3,983,851 oz silver, 1,323 tonnes molybdenum
Snow Lake Operations (Manitoba, Canada) Primary metals: Gold, copper, zinc, silver.Ongoing underground mining and expansion of processing capacity
Copper Mountain Mine (Princeton, British Columbia, Canada) Primary metals: Copper (with gold and silver credits. Conventional open pit mining.
Zinc Production Facility (Northern Manitoba/Saskatchewan, Canada): Focused on zinc metal recovery
Development Projects
Copper World (Arizona, USA; copper project)
Mason Project (Nevada, USA; copper project)
Llaguen Project (La Libertad, Peru; exploration)
Rosemont Copper (Arizona, USA; proposed copper mine, not yet in operation.
HBM 2024 copper was 57% of production, gold 33%, zinc 4%, silver less than 5% and moly a tiny fraction.
FM: First Quantum Minerals operates a diverse global portfolio of mining assets primarily focused on copper production, with additional metals including nickel, gold, zinc, and cobalt. Below is an outline of its key mining assets, locations, and metal production breakdown with approximate percentages as of 2025.
Mining Assets and Locations
Kansanshi Mine (Solwezi, Zambia). Main metals: Copper (primary), gold (by-product). Large open-pit mine with an associated smelter. Recent expansion (S3) increased copper production by 15% in mid-2025.
Sentinel Mine (Trident Area) (North-Western Province, Zambia). Main metals: Copper (primary), some gold. Commercial production began in 2016, renamed FQM Trident in 2024.
Near Enterprise nickel operation, gaining synergies.
Enterprise Nickel Project (Zambia). Nickel focused operation near Sentinel (Trident license area). Commercial production from mid-2024. Produces nickel concentrate with flexibility to switch feed between nickel and copper.
Guelb Mohgrein Mine (Akjoujt, Mauritania). Copper (primary), gold (by-product). Open-pit mine operational since 2006.
Las Cruces Mine (Sevilla, Spain). Copper mine acquired via takeover of Inmet Mining Corporation
Pyhäsalmi Mine (Finland). Copper and zinc mining operation, acquired through Inmet Mining
Cobre Panama (Panama) . (currently suspended due). Large-scale copper mine acquired via acquisition of Inmet Mining Started commercial production in 2019.
Çayeli Mine (Turkey) Copper and zinc mine, acquired through Inmet Mining Corporation.
For FM copper is 85% of production total, gold at 5% and nickel 6% to 7% with other metals making up the balance.
We prefer HBM for its management and better mine locations, and conservative stance vs the more-aggressive FM.