Business
Hudbay Minerals Announces Fourth Quarter and Full Year 2019 Results and Provides Annual Guidance
Achieved 2019 production and unit cost guidance in Peru and Manitoba; strong performance at the Lalor and 777 mines resulted in zinc production exceeding the to
About this update from Hudbay Minerals Inc
[{"type":"text","content":" Achieved 2019 production and unit cost guidance in Peru and Manitoba; strong performance at the Lalor and 777 mines resulted in zinc production exceeding the top end of the guidance range Constancia achieved record mill throughput and copper recoveries in 2019 Lalor and 777 increased mine output by 22% and 15%, respectively, year-over-year Cash generated from operating activities was $98.7 million in the fourth quarter of 2019, an increase from the third quarter of 2019 Cash and cash equivalents of $396.1 million as at December 31, 2019 was relatively unchanged during the quarter and positions the company well for executing future growth initiatives 2020 production guidance of 107,500i tonnes of copper and 172,500i ounces of precious metals with copper and precious metals production expected to grow by 18%i and 67%i, respectively, by 2022 Reached a community agreement to acquire Pampacancha surface rights The New Britannia gold mill refurbishment remains on track to be completed before the end of 2021, which is expected to increase Lalor’s annual gold production to approximately 140,000 ounces starting in 2022 Hudbay’s Manitoba operations received the Towards Sustainable Mining Leadership Award in 2019 TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its fourth quarter and full year 2019 financial results and annual production and cost guidance. All amounts are in U.S. dollars, unless otherwise noted. “We delivered solid operating results in the fourth quarter as a result of our focus on maintaining steady mine performance while continuing to implement various process improvement initiatives across the business,” said Peter Kukielski, President and Chief Executive Officer. “We are on-track to deliver our next phase of growth, including mining the high-grade Pampacancha satellite deposit in Peru in 2020 and completing the refurbishment of the New Britannia gold mill in Manitoba by 2022. Both projects are low capital intensity, high return brownfield projects with short paybacks on our invested capital. We are proud of our ESG and operating achievements in 2019, as well as our successful track record of achieving annual copper production guidance for the past five years. We look forward to delivering significant near-term copper and gold production growth a...