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Hudbay Minerals Announces Second Quarter 2023 Results
TORONTO, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its second quarter 2023 financial res
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its second quarter 2023 financial results. All amounts are in U.S. dollars, unless otherwise noted. Positioned for Strong Production Growth and Free Cash Flow Generation in the Second Half of 2023 Reaffirmed full year 2023 consolidated production, cash cost and sustaining cash cost guidance for Hudbay’s Peru and Manitoba operations. On June 20, 2023, Hudbay completed the acquisition of Copper Mountain Mining Corporation (“Copper Mountain”), creating a 150,000-tonnes-per-year copper producer with three long-life mines in tier-one jurisdictions and a world-class pipeline of organic copper growth projects. Copper Mountain owns 75% of the Copper Mountain mine in British Columbia (the “Copper Mountain Mine Joint Venture”), with Mitsubishi Materials Corporation (“MMC”) holding the remaining non-controlling interest. Hudbay expects to release an updated technical report for the Copper Mountain mine in the fourth quarter, which will include updated annual production and cost estimates for the mine. Achieved higher grades from Pampacancha in July with 1.6 million tonnes of ore mined at 0.63% copper and 0.31 grams per tonne gold, consistent with the mine plan and company expectations for higher production in Peru in the third and fourth quarters of 2023. Second Quarter Operating and Financial Results Consolidated production in the second quarter was 21,715 tonnes of copper and 48,996 ounces of gold, which includes production from the Copper Mountain mine during the 10-day stub period following the June 20, 2023 acquisition date. Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, in the second quarter, were $1.60 and $2.73, respectively, excluding Copper Mountain’s costs during the 10-day stub period. Peru operations successfully managed through a transitional quarter with elevated stripping activities at Pampacancha completed in June to enable mining high grade portions of the orebody in the second half of 2023. The Peru operations maintained steady performance, producing 17,682 tonnes of copper in the second quarter, which was in line with mine plan expectations. Peru cash cost per pound of copper produced, net of by-product creditsi, in the second qu...