January 2011

This presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to complete its acquisition of Norsemont Mining Inc., and to develop, construct and operate the Constancia project and the combined company, the ability of management to execute on key strategic and operational objectives, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans",
"expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information
(including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies).
Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to complete its acquisition of Norsemont and to develop and operate the Constancia project on an economic basis,, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry, as well as those risk factors discussed in the company’s Annual Information Form dated March 30, 2010, which risks may cause actual results to differ materially from any forward-looking statement.
Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBay undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.

Qualified Person
Technical and scientific information respecting the Constancia project has been taken from Norsemont’s NI 43-101 technical report entitled
“Constancia Copper Project – Definitive Feasibility Study Technical Report NI 43-101,” dated September 28, 2009 available at www.sedar.com.
Cashel Meagher P.Geo, VP Exploration for HudBay Minerals Inc. is a qualified person within the meaning of NI 43-101, and has reviewed and approved the scientific and technical information referred to in this presentation.
Note to U.S. Investors
Information concerning the mineral properties of the Company has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of SEC Industry Guide 7. Under SEC Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination, and the SEC does not recognize the reporting of mineral deposits which do not meet the SEC Industry
Guide 7 definition of “Reserve”. In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) of the
Canadian Securities Administrators, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on December
11, 2005. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. You are urged to consider closely the disclosure on the technical terms in Schedule A “Glossary of Mining Terms” of our AIF for the fiscal year ended December 31, 2009, available on
SEDAR at www.sedar.com and incorporated by reference as Exhibit 99.8 in our Form 40-F filed on October 19, 2010 (File No. 001- 34244).
All amounts listed are in Canadian dollars.

M&A Target
Focus on Americas, mining favourable jurisdictions
VMS or porphyry deposits with exploration upside
Transaction size of ~20% of market capitalization
Add value through technical expertise and financial capacity
Accretive to in-situ metal value and net asset value per share
Norsemont
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4

Structure
Consideration
Offer Value
Other Terms
Transaction
Approvals
Next Steps
• Take-over Bid
• 0.2617 HudBay shares and C$0.001 cash per Norsemont share or C$4.50 cash per Norsemont share, subject to maximum cash consideration of C$130 million
• Under full pro-ration: C$1.0985 cash per Norsemont share and 0.1979
HudBay shares
• C$4.65 per Norsemont share based on HudBay’s 20-Day VWAP as of
January 7, 2011
• 33% (1) premium to Norsemont’s 20-day VWAP as of January 7, 2011
• Total equity value of transaction of C$520 million (2)
• $21.6 million break-fee
• Right to match
• Lockup agreements for 34.4% of Norsemont’s fully diluted shares outstanding, in addition to HudBay’s 1.1% stake
• Over 50% of Norsemont’s shares being tendered to the offer
• Customary regulatory approvals
• Circular to be mailed later in January
• Anticipated completion of offer later in first quarter of 2011
(1) Assuming maximum share election
(2) Based on Norsemont fully diluted shares outstanding of 118.3 million shares, excluding 1.4 million shares already owned by HudBa y, using HudBay’s closing price of $16.76 as at January 7, 2011

• Convertible Notes: $9.8 million outstanding, convertible at $1.70/sh
• Options (1) : 13,695,000 outstanding at $2.25/sh weighted-average exercise price
• Warrants (2) : 11,491,148 outstanding at $2.50/sh weighted-average exercise price
• Estimated Cash Balance:
Cash - 9/30/2010
Short-term Investments - 9/30/2010 $12
Warrant Exercise - 12/14/2010
$31
$29
Total Estimated Cash Balance
$6
$12
$12
$31
$29
$90
• Transaction Enterprise Value: approximately $430 million
(1) As at September 30, 2010 plus 400,000 options issued to directors subsequent to September 30, 2010 (sourced from SEDI)
(2) As at September 30, 2010 less 6,319,853 warrants exercised on December 14, 2010 (sourced from early warning report filed on SEDAR)

• Based on the definitive feasibility study, transaction metrics are in-line with recent comparable acquisitions
Target
El Morro
Cerro Casale
Chariot
Terrane
Antares
Citadel
Globestar
Average
Average (ex. high & low)
Norsemont
(1) (2)
EV / In-Situ lb Cu (M&I)
$0.07
$0.10
$0.05
$0.04
$0.05
$0.54
$0.23
$0.15
$0.10
$0.10
(1) Based on Feasibility Study and not adjusted for HudBay's toehold in Norsemont
(2) Assumes long term consensus commodity prices of US$1,008 / oz Au, US$15.81 / oz Ag, US$13.22 / lb Mo and US$2.16 / lb Cu
Source: RBC Capital Markets
Target
El Morro
Cerro Casale
Chariot
Terrane
Antares
Citadel
Globestar
TAC / Rec. lb Cu (M&I)
$1.36
$1.19
$1.13
$0.95
$1.50
$1.67
$1.57
Average
Average (ex. high & low)
Norsemont
(1)
$1.34
$1.35
$1.31
(1) Based on Feasibility Study and not adjusted for HudBay's toehold in Norsemont
Source: RBC Capital Markets

Cu Production
(kt)
125
Au Eq. Production
(1)
(koz)
250
Zn Production
(kt)
150
125
100 200
100
75 150
50 100
75
50
25 50
25
0 0 0
2011E 2016E
2011E 2016E
2011E 2016E
HudBay
(2)
Norsemont
(3)
(1) Silver converted to gold at a ratio of 60:1
(2) Based on midpoint of 2011 forecasted production released on December 13, 2010. Anticipated production for 2016 is based on existing mines together with
Constancia, Lalor (including, for gold equivalent production, inferred resources and conceptual gold and copper-gold zones) and the 777 North expansion.
(3) Based on preliminary results of Constancia Feasibility Study Optimization announced by Norsemont on December 30, 2010 8

•
•
350% increase in copper reserves
190% increase in copper equivalent reserves
(MM lb)
5,000
Copper Eq.
Reserves (2)(3)
5065
Current (1)(3) Pro Forma (2)(3)
4,000
Au Eq.
24%
Au Eq.
15%
3,000
Mo
7%
350%
Cu
43%
2,000
1743
Zn
11%
3379
Cu
67%
1,000
Zn
33% 755
0
HudBay Pro Forma
HudBay
(1) HudBay reserves as of January 1, 2010
(2) HudBay reserves as of January 1, 2010 plus Constancia reserves based on NI 43101 technical report titled, “Constancia Copper Project –
Definitive Feasibility Study”, dated September 28, 2009
(3) In-situ value calculated using commodity prices of US$900/oz Au, US$0.95/lb Zn, US$2.50/lb Cu and US$12.00/lb Mo; silver converted to gold at ratio of 60:1

•
– Cashel Meagher, VP, Exploration
•
– Javier Del Rio, Director, Business Development
•
– David Bryson, SVP and CFO
•
– David Garofalo, President and CEO

Selected Cu Projects in Peru Established Mining District
Cusco
Xstrata – Las Bambas
Rio Blanco
Galeno
Cerro Corona
Antamina
Toromocho
Lima
Las Bambas
Marcona
Haquira
Antapaccay
Cerro Verde
Constancia
Tintaya
Cuajone
Toquepala
Operating Mine
Development Project
First Quantum – Haquira
CUSCO DEPT.
AREQUIPA DEPT.
Xstrata
– Antapaccay
Main Powerlines
Xstrata - Las Bambas Mineral Pipeline
Roads
Pan Pacific – Quechua
Southern Peru Copper Belt
Rail Road to Matarani
11

• Constancia is located on the eastern side of the
Andahuaylas-Yauri copper belt
• ~3km from the old Katanga mine
– Operated from early last century to the early 1990s
–
Cu and Au; narrow skarn bodies
• San José prospect (part of
Constancia) explored by Mitsui in
1980s
Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper
Project – Definitive Feasibility Study”, dated September 28, 2009

Source: Norsemont Mining July 2010 Geology Presentation
13

1.0 %
0.50 %
0.20 %
0.15 %
Supergene
Hypogene
Skarn
Mt
Grade
Cu (%) Mo (%) Ag (g/t) Au (g/t)
Reserves
Supergene
Skarn
Hypogene
High Zinc
Total
71.0
19.3
163.6
23.5
277.4
0.58
0.64
0.35
0.40
0.43
0.011
0.013
0.012
0.010
0.012
4.43
5.01
2.95
5.51
3.69
0.05
0.08
0.04
0.07
0.05
• Reserve comprised of different ore types
• Supergene ore present near surface
Source: NI 43101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

• Higher tonnage and grades achieved in early years due to varying ore types
25.0
20.0
15.0
10.0
5.0
0.0
1 2
Constancia DFS Annual Tonnes and Grade Processed
Ore Cu Grade
3 4 5 6 7 8 9 10 11 12 13 14 15
Production Year
0.80%
0.70%
0.60%
0.50%
0.40%
0.30%
0.20%
0.10%
0.00%
Source: NI 43101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

• Excellent exploration targets
• Pampacancha
– Located 3 km south-east of
Constancia
– Outcropping copper oxides in skarn bodies
• Chilloroya South
– Located 5 km south of
Constancia
– Evidence of porphyry related Cu-Au-Mo mineralization
–
Untested geophysical anomalies
Tailings Facility
Process Plant
Constancia Main
Mine Waste Dump
Chilloroya Skarn Target #1
High Grade Gold Target
Chilloroya Porphyry Target #3
Cu-Au Sulphides
Pampacancha Skarn
Target Cu-Au Sulphides
Source: Norsemont Mining 2010 AGM Presentation
16

Highlights
63.4m @ 2.52% Cu-Eq. (4m to
67.4m)
Pampacancha
- Including 2.65m @ 62 g/t Au
99.25m @ 1.43% Cu-Eq.
(10m to 109m)
Chilloroya
South
31.6m @ 0.98% Cu-Eq.
(252m to 283m)
3.0m @ 242.56 g/t Au from
136m to 139m
Source: Norsemont Mining 2010 AGM Presentation
17

• 83km access road from
Yauri
• 70km from Tintaya 138kV power substation
• Rail-head 122km away
• Total of ~475km from
Matarani Port by road
(243km paved, 232km gravel surfacing)
Image taken by HudBay Minerals Image from Norsemont Mining 2010 AGM Presentation
Source: Norsemont Mining 2010 AGM Presentation; Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated
September 28, 2009

• Matarani Port located 120km from Arequipa by paved highway
• The port is a deep sea port managed by a private group
Image taken by HudBay Minerals
Source: Norsemont Mining 2010 AGM Presentation
Image taken by HudBay Minerals

• Build 70km transmission line to Tintaya substation
– Planned upgrade to 220kV by 2012
Source: Norsemont Mining 2010 AGM Presentation, Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, date
September 28, 2009; Constancia Project ESIA dated April 2010

Source: Ministerio de Energía y Minas website
21

• Sources of water:
– Most of the water is sourced from wells in the region
– Majority of water supply is re-circulated
• Hydrogeological studies were conducted for the open pits, tailings management facilities, and waste rock facility
– Studies included springs mapping, inventories, etc.
• Water flow balance from:
– Cunahuiri reservoir (discharges during dry season)
–
Re-circulated water
–
Water treatment plant discharges
Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009; Constancia Project ESIA dated April 2010
22

• Norsemont employs members of local villages and conducts activities in a trustworthy and transparent manner
–
Built and sponsors a local medical clinic
–
Sponsors local soccer team
– Pays for supplies at the local school
• There are two local communities in the area: Uchucarco and Chilloroya
– Agreements in place for over 4 years
– No major relocation required
– No NGO opposition
• Norsemont purchased all private land in Constancia area
Image taken by HudBay Minerals
Image taken by HudBay Minerals
Source: Norsemont Mining 2010 AGM Presentation and Norsemont Mining website

• Royalties:
– Staged Peruvian mining royalty based on NSR
• 1% NSR – when NSR < US$60 million per annum
• 2% NSR – when US$60 < NSR < US$120 million per annum
• 3% NSR – when NSR > US$120 million per annum
– 0.5% NSR Minera Livitaca and Katanga (capped at US$10 million)
• Labour participation = 8% of pre-tax profits
• 30% corporate income tax rate
• Deductible expenses for corporate income tax:
– Peruvian mining royalty
– Labour participation = 8% of pre-tax profits
–
Tax depreciation
Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009
24

• Estimated Tax Depreciation on Construction Capex included in Definitive
Feasibility Study:
Year
1 2 3 4 5
Annual Depreciation 34% 27% 13% 13% 13%
• Withholding/Dividend Tax:
– 4.1% applies to profits distributed to nonresidents
•
Legal Stability Agreements
–
Guaranteed stability of income tax regime for 15 years
Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

• HudBay to acquire all the outstanding shares of Norsemont via a take-over bid for approximately C$520 million in shares and cash
• Norsemont’s primary asset is the wholly-owned Constancia porphyry copper project located in southern Peru
• The Constancia project has a long mine life with significant exploration upside
• Key permits received with the approval of the Environmental Social
Impact Assessment
• Offer has been approved by the Boards of Norsemont and HudBay and is being recommended by the Norsemont Board to Norsemont shareholders
• Lock-up agreements have been entered into by Norsemont directors, officers and other large shareholders in respect of shares that, together with shares owned by HudBay, represent 35.6% of Norsemont’s fullydiluted shares outstanding

January 2011

28

Moody’s Baa3; S&P BBB+
2009 Copper Production by Country
(000 tonnes)
Chile
Peru
U.S.
China
Indonesia
Australia
Russia
Zambia
Canada 486
702
699
844
1,054
995
1,225
1,209
5,460
• Major producer of base and precious metals
– 2 nd largest copper producing country in the world
–
Largest producer of gold in
Latin America
• Highly prospective country
– 3 rd largest exploration budget by country in the world
•
Stable mining regulatory environment
• Most major mining companies active in Peru (BHP Billiton, Rio
Tinto, Vale, Xstrata, Barrick,
Teck, etc.)
Kazakhstan
Source: Brook Hunt
452

FEASIBILITY STUDY PARAMETERS
Ore Mined
Grades Mined
Nominal Mill Capacity
LOM Strip Ratio (waste:ore)
Mine Life
LOM Cu Recovery
LOM Avg. Annual Production
Copper
Copper (Years 1-5)
Moly
Silver
Gold
Initial Capex
Sustaining Capex (incl. Closure)
LOM Mining Cost
LOM Processing Cost
LOM G&A Cost
LOM Cash Costs
(1)
LOM Cash Costs Incl. Sustaining Capex
NPV @ 8%
IRR
DFS Sept 2009
277.4mm tonnes
0.43% Cu, 0.012% Mo,
3.69 g/t Ag, 0.05 g/t Au
50,000 tpd
1.26
15 years
88%
149mm lbs / 68k tonnes
225mm lbs / 102k tonnes
2.6mm lbs
1.5mm oz
8.9k oz
US$846mm
US$147.6mm
US$1.19/t mined
US$3.85/t ore
US$0.60/t ore
US$0.93/lb Cu
US$0.99/lb Cu
US$494mm
19.4%
Prelim. Optimiz. Study Dec 2010
-
-
-
1.2
-
-
172mm lbs / 78k tonnes
-
2mm lbs
2mm oz
-
US$900-$950mm
-
-
-
-
-
US$0.97-$0.99/lb Cu
US$780-$840mm
>20%
Commodity Prices
US$2.25/lb Cu
US$13/lb Mo
US$12/oz Ag, US$800/oz Au
(1) LOM average cash costs including royalties and net of by-product credits
US$2.50/lb Cu
US$13.50/lb Mo
US$14/oz Ag, US$1,000/oz Au
Sources:
• Norsemont’s news release titled “Norsemont Mining Announces Positive Constancia Feasibility Study”, dated September 28, 2009, and Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009
• Norsemont’s news release titled “Norsemont Mining Announces Preliminary Results of Constancia Feasibility Study Optimization”, dated December 30, 2010

Source: Constancia Project ESIA dated April 2010
31

Reserves
Proven
Probable
Total
Mt
Grade Contained
Cu (%) Mo (%) Ag (g/t) Au (g/t) Cu (mlb) Mo (mlb) Ag (koz) Au (koz)
161.8
115.6
277.4
0.45
0.40
0.43
0.012
0.011
0.012
3.68
3.70
3.69
0.05
0.05
0.05
1,605
1,019
2,625
43
28
71
19,143
13,752
32,895
260
186
446
Source: NI 43101 technical report titled, “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

Mt
Grade Contained
Cu (%) Mo (%) Ag (g/t) Au (g/t) Cu (mlb) Mo (mlb) Ag (koz) Au (koz)
Resources (1)
Measured
Indicated
Total (M + I)
Inferred
138.3
254.2
392.5
48.8
0.44
0.42
0.42
0.35
0.013
0.010
0.011
0.008
3.54
3.81
3.72
3.82
0.04
0.05
0.05
0.06
1,342
2,354
3,695
377
40
56
96
9
15,740
31,138
46,878
5,993
178
409
586
94
Source: NI 43101 technical report titled, “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009
(1) Mineral resource estimate at 0.20% copper cut-off grade

For more information contact:
John Vincic , VP of Investor Relations and Corporate Communications
Tel: 416.362.0615
Email: john.vincic@hudbayminerals.com