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Hudbay Minerals Announces Fourth Quarter and Full Year 2022 Results and Provides Annual Guidance
TORONTO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its fourth quarter and full year 2022
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its fourth quarter and full year 2022 financial results and annual production and cost guidance. All amounts are in U.S. dollars, unless otherwise noted. Fourth Quarter and Full Year Operating and Financial Results Achieved 2022 consolidated production guidance for all metals and consolidated cash cost and sustaining cash cost guidance. Full year consolidated copper production of 104,173 tonnes, consolidated gold production of 219,700 ounces and consolidated silver production of 3,161,294 increased by 5%, 13% and 4%, respectively, in 2022 compared to 2021. The Peru operations delivered strong performance in the fourth quarter with a 21% increase in copper production and a 64% increase in gold production, compared to the third quarter of 2022, as grades and recoveries improved. The fourth quarter of 2022 was a record quarter for gold production in Peru. Peru's cash cost per pound of copper produced, net of by-product creditsi, improved to $1.34 in the fourth quarter, representing a 20% decline compared to the third quarter of 2022. The Manitoba operations saw a 6% increase in Lalor’s ore production in the fourth quarter compared to the third quarter of 2022, and the Lalor mine continues to ramp up following the transition of Flin Flon employees to Snow Lake. Manitoba’s full year gold cash cost per ounce of gold produced, net of by-product creditsi, was 1% below the low end of the annual guidance range. Full year consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, were $0.86 and $2.07, respectively, and similar to 2021 levels, despite inflationary cost pressures which were offset by higher copper production and higher by-product credits. Fourth quarter net loss and loss per share were $17.4 million and $0.07, respectively. After adjusting for a non-cash loss of $13.5 million related to a quarterly revaluation of the Flin Flon environmental reclamation provision due to changes in real, long-term risk-free discount rates, and an $8.0 million revaluation loss related to the gold prepayment liability, among other items, fourth quarter adjusted earningsi per share were $0.01. Operating cash flow before change in non-cash working capital was $109.1 million and a...