<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0002034986</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001322422</issuerCik>
      <issuerName>Hudbay Minerals Inc.</issuerName>
      <secFileNumber>001-34244</secFileNumber>
      <issuerAddress>
        <com:street1>25 YORK STREET, SUITE 800</com:street1>
        <com:city>TORONTO</com:city>
        <com:stateOrCountry>A6</com:stateOrCountry>
        <com:zipCode>M5J 2V5</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>416-362-8181</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Gupta Mark</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Morgan Stanley at Work</name>
        <address>
          <com:street1>1500 - 600 3 Ave SW</com:street1>
          <com:city>Calgary</com:city>
          <com:stateOrCountry>A0</com:stateOrCountry>
          <com:zipCode>T2P 0G5</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>12826</noOfUnitsSold>
      <aggregateMarketValue>124354.72</aggregateMarketValue>
      <noOfUnitsOutstanding>395068705</noOfUnitsOutstanding>
      <approxSaleDate>06/06/2025</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <acquiredDate>06/06/2025</acquiredDate>
      <natureOfAcquisitionTransaction>Option exercise</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>12826</amountOfSecuritiesAcquired>
      <paymentDate>06/06/2025</paymentDate>
      <natureOfPayment>cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>06/06/2025</noticeDate>
      <signature>/s/ Mark Gupta</signature>
    </noticeSignature>
  </formData>
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144
0002034986
XXXXXXXX
LIVE
0001322422
Hudbay Minerals Inc.
001-34244
25 YORK STREET, SUITE 800
TORONTO
A6
M5J 2V5
416-362-8181
Gupta Mark
Officer
Common Shares
Morgan Stanley at Work
1500 - 600 3 Ave SW
Calgary
A0
T2P 0G5
12826
124354.72
395068705
06/06/2025
NYSE
Common Shares
06/06/2025
Option exercise
issuer
N
12826
06/06/2025
cash
Y
06/06/2025
/s/ Mark Gupta