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Hudbay Minerals Announces First Quarter 2023 Results
TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its first quarter 2023 financial resul
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its first quarter 2023 financial results. All amounts are in U.S. dollars, unless otherwise noted. First Quarter Operating and Financial Results; Production and Cost Guidance Reaffirmed Consolidated production in the first quarter included 22,562 tonnes of copper and 47,240 ounces of gold. Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, were $0.85 and $1.83, respectively, representing an improvement of 21% and 17%, respectively, compared to the fourth quarter of 2022. Reaffirmed full year 2023 consolidated production guidance of 100,000 to 128,000 tonnes of copper at a cash cost of $0.40 to $0.80 per poundii and sustaining cash cost of $1.35 to $2.05 per poundii as first quarter production was in line with quarterly cadence expectations. Peru operations successfully managed through a complex environment to maintain steady performance and produce 20,517 tonnes of copper in the first quarter. The Peru team remained focused on maintaining strong margins and achieved a cash cost per pound of copper produced, net of by-product creditsi, of $1.36, which was overall in line with the strong cost performance in the fourth quarter of 2022. Transportation and supply chains in Peru have normalized since mid-February and Constancia's concentrate inventory is now at normal levels, well ahead of schedule. Full mining activities resumed at the Pampacancha pit in February and the period of higher stripping from March to June is progressing well with mining of higher-grade ore now expected to commence late in the second quarter of 2023, slightly ahead of schedule. Manitoba operations produced 36,034 ounces of gold at a cash cost per ounce of gold produced, net of by-product creditsi, of $938, which was affected by temporary challenges at the Lalor mine in the quarter that were partly offset by strong throughput and gold recoveries at the New Britannia mill. Lalor ore production reached 4,800 tonnes per day late in the first quarter and throughout April after implementing changes to improve stope fragmentation and load-haul-dump equipment availability, together with many production optimization initiatives underway at the mine. First quarter net earnings and earnings pe...