Business
Hudbay Minerals Announces First Quarter 2021 Results
TORONTO, May 11, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its first quarter 2021 financial resul
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, May 11, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its first quarter 2021 financial results. All amounts are in U.S. dollars, unless otherwise noted. First Quarter Operating and Financial Results Consolidated copper production in the first quarter was 24,553 tonnes at cash cost and sustaining cash cost1 per pound of copper produced, net of by-product credits, of $1.04 and $2.16, respectively. Consolidated gold production in the first quarter was 35,500 ounces, a record for Hudbay. Full year 2021 production and operating cost guidance reaffirmed; Pampacancha production commenced in April 2021, in line with guidance. First quarter Manitoba copper production significantly increased from 2020 levels primarily due to higher grades at 777 and higher recoveries at the Flin Flon concentrator; sales volumes were impacted by the availability of railcars during the quarter with 5,000 tonnes of copper concentrate inventory in excess of normal operating levels, valued at approximately $18 million. First quarter Peru sales impacted by a 10,000 tonne shipment of copper concentrate, valued at approximately $21 million, for which a payment was received but not recorded as revenue due to the timing of the shipment being delayed to early April. Peru's production in the first quarter was impacted by increased ore hardness as well as a semi-annual scheduled plant shutdown in January. First quarter net loss and loss per share were $60.1 million and $0.23, respectively. After adjusting for one-time financing charges mainly related to the redemption of the 2025 senior notes and a revaluation of the gold prepayment liability, first quarter adjusted net loss per sharei was $0.06. First quarter adjusted EBITDAi was $104.2 million. Operating cash flow before change in non-cash working capital increased to $90.7 million in the first quarter of 2021, from $86.1 million in the fourth quarter of 2020 due to higher realized metal prices, offset by lower sales volumes. Cash and cash equivalents decreased during the first quarter to $310.6 million, as at March 31, 2021, mainly as a result of $83.0 million of capital investments primarily for the New Britannia project and Pampacancha development activities, $50.8 million of interest payments and $31.0 million in net transaction and early redem...