SC 13G/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934
(Amendment No. 7)*

Hudbay Minerals Inc.

(Name of Issuer)

Common Stock 

(Title of Class of Securities)

443628102 

(CUSIP Number)

December 31, 2023 

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☒  Rule 13d-1(b)
☐  Rule 13d-1(c)
☐  Rule 13d-1(d)

^* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 443628102 13G/A Page 2 of 6

1.	NAMES OF REPORTING PERSONS GMT Capital Corp.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a)    ☐ (b)    ☐
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION   Georgia, United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER   0
		6.	SHARED VOTING POWER   42,013,020
		7.	SOLE DISPOSITIVE POWER   0
		8.	SHARED DISPOSITIVE POWER   42,013,020
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 42,013,020
10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)    ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 12%1
12.	TYPE OF REPORTING PERSON (see instructions) IA

¹ Calculated based on 348,907,843 shares of common stock of the Issuer (the “Common Stock”) outstanding as ofDecember 31, 2023, as reported on the Issuer’s Report on Form 6-K, filed with the Securities and Exchange Commission on November 9, 2023.

CUSIP No. 443628102 13G/A Page 3 of 6

1.	NAMES OF REPORTING PERSONS Thomas E. Claugus
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a)    ☐ (b)    ☐
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION   United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER   0
		6.	SHARED VOTING POWER   42,013,020
		7.	SOLE DISPOSITIVE POWER   0
		8.	SHARED DISPOSITIVE POWER   42,013,020
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 42,013,020
10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)    ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 12%1
12.	TYPE OF REPORTING PERSON (see instructions) HC

¹ Calculated based on 348,907,843 shares of common stock of the Issuer (the “Common Stock”) outstanding as of December 31, 2023, as reported on the Issuer’s Report on Form 6-K, filed with the Securities and Exchange Commission on November 9, 2023.

CUSIP No. 443628102 13G/A Page 4 of 6

Item 1.

(a) Name of Issuer

The name of the issuer is Hudbay Minerals Inc. (herein referred to as “Issuer”).

(b) Address of Issuer’s Principal Executive Offices

The principal executive offices of the Issuer are located at 25 York Street, Suite 800, Toronto, Ontario, M5J 2V5, Canada.

Item 2.

(a) Name of Persons Filing

This Statement is being filed jointly on behalf of each of the following persons (collectively, the “Reporting Persons”)

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.

(b) Address of the Principal Office or, if none, residence

The address of the business office of each of the Reporting Persons is 2300 Windy Ridge Parkway, Ste. 550 South, Atlanta, GA 30339.

(c) Citizenship

GMT Capital is a Georgia corporation.

Mr. Claugus is a citizen of the United States.

(d) Title of Class of Securities

Common Stock

(e) CUSIP Number

443628102

CUSIP No: 443628102 13G/A Page 5 of 6

Item 3. Filing pursuant to §240.13d-1(c)

If this statement is filed pursuant to Sec. 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a :

(a) ☐ Broker or dealer registered under section 15 of the Act (15 U.S.D. 78o):

(b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c) ☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d) ☐ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);

(e) ☒ An investment adviser in accordance with Sec. 240.13d-1(b)(1)(ii)(E);

(f) ☐ An employee benefit plan or endowment fund in accordance with Sec. 240.13d-1(b)(1)(ii)(F);

(g) ☒ A parent holding company or control person in accordance with Sec. 240.13d-1(b)(1)(ii)(G);

(h) ☐ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) ☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) ☐ A non-U.S. institution in accordance with Sec. 240.13d-1(b)(1)(ii)(J);

(k) ☐ Group, in accordance with Sec. 240.13d-1(b)(1)(ii)(J). 

Item 4. Ownership

See Rows 5 through 11 of each Reporting Person’s cover page.

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ ]

Item 6. Ownership of More than Five Percent on Behalf of another Person.

Not Applicable

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

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.

Item 8. Identification and Classification of Members of the Group.

Not Applicable

Item 9. Notice of Dissolution of Group.

Not Applicable

CUSIP No. 443628102 13G/A Page 6 of 6

Item 10. Certification

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.

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

February 12, 2024

Date

GMT Capital Corp.

By: /s/ Omar Z. Idilby 

Name: Omar Z. Idilby
Title:  General Counsel and CCO

/s/ Thomas E. Claugus. 

Thomas E. Claugus, Omar Z. Idilby, attorney in fact*

* Omar Z. Idilby is signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney filed herewith.

EX-1

GMT Capital Corp. SC 13G/A

Exhibit 1

LIMITED POWER OF ATTORNEY

Know all by these presents that the undersigned (the “Principal”) hereby constitutes and appoints each of Omar Z. Idilby and Harold Randall, or either of them, with full power of substitution, as the Principal’s true and lawful attorneys-in-fact (each, “Attorney-In-Fact”) for the Principal in any lawful way with respect to the following limited purposes:

(1)         prepare, execute in the Principal’s name and on the Principal’s behalf, and submit to the U.S. Securities and Exchange Commission (the “SEC”) Form 3, Form 4, Form 5, Schedule 13D, Schedule 13G and subsequent Schedule 13G/A filings, including amendments and exhibits thereto, and any other documents necessary or appropriate to enable the Principal to make electronic filings with the SEC of reports required by the Securities Exchange Act of 1934, including without limiting the foregoing certifying on behalf of the Principal that the securities referred to in any such filings 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 of the Securities Exchange Act of 1934; and

(2)         take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-In-Fact, may be of benefit to, in the best interest of, or legally required by, the Principal, it being understood that the documents executed by either Attorney-In-Fact on behalf of the Principal pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-In-Fact may approve in such Attorney-In-Fact’s discretion.

The Principal hereby grants to each Attorney-In-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such Attorney-In-Fact, or such Attorney-In-Fact’s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that each foregoing Attorney-In-Fact, in serving in such capacity at the request of the Principal, is not assuming any of the Principal’s responsibilities to comply with the Securities Exchange Act of 1934.

This Power of Attorney shall remain in full force and effect from the date hereof until revoked as regards either Attorney-In-Fact by the Principal in a signed writing delivered to the respective Attorney-In-Fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 6^th day of February, 2024.

By:
Name: Thomas E. Claugus

ACCEPTANCE OF APPOINTMENT

I, Omar Z. Idilby, the Attorney-In-Fact named above, hereby accept appointment as Attorney-In-Fact in accordance with the foregoing instrument.

By:
Name: Omar Z. Idilby

I, Harold Randall, the Attorney-In-Fact named above, hereby accept appointment as Attorney-In-Fact in accordance with the foregoing instrument.

By:
Name: Harold Randall

WITNESS

We, the witnesses, each do hereby declare in the presence of the Principal that the Principal signed and executed this instrument as his Power of Attorney in the presence of each of us, that he signed it willingly, that each of us hereby signs this Power of Attorney as witness at the request of the Principal and in his presence, and that, to the best of our knowledge, the Principal is eighteen years of age or over, of sound mind, and under no constraint or undue influence. 

Witness Signature	Witness Signature
RUTH RYDER	IRYNA GAMBLE
Print Name	Print Name
2300 WINDY RIDGE PKWY #5505	Same
Address	Address
Atlanta GA 30339

ACKNOWLEDGMENT OF NOTARY PUBLIC

STATE OF GEORGIA   Atlanta

COUNTY OF   Fulton , ss.

On 02/06/2024 (mm/dd/yyyy), before me appeared Thomas E. Claugus, as Principal of this Power of Attorney who proved to me through government issued photo identification to be the above-named person, in my presence executed foregoing instrument and acknowledged that he executed the same as his free act and deed.

	Notary Public
(seal)
	My Commission Expires: July 4, 2024