Business
Hudbay Minerals Announces Third Quarter 2020 Results
TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its third quarter 2020 financial resu
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its third quarter 2020 financial results. All amounts are in U.S. dollars, unless otherwise noted. Third Quarter Operating and Financial Results Delivered a solid operating quarter with steady production and cost performance from the Manitoba and Peru operations, including an increase in copper production over the first two quarters of 2020 and strong gold production driven by increased gold grades at Lalor. Third quarter net loss was $24.0 million or $0.09 per share. Third quarter adjusted net loss1 per share was $0.10 and adjusted EBITDAi was $96.1 million. Operating cash flow before change in non-cash working capital increased to $84.4 million in the third quarter of 2020, from $29.5 million in the second quarter of 2020, due to higher realized prices and increased sales volumes at Constancia after the successful ramp up to full production. Cash and cash equivalents increased during the third quarter to $449.0 million as at September 30, 2020 as a result of the net proceeds received from the refinancing of the 2023 notes and cash generated from operations, partially offset by capital investments in the New Britannia refurbishment project and the company’s Peru business and interest payments. On Track to Achieve Annual Guidance Owing to the outstanding performance from the Manitoba operations during the first three quarters of 2020, and the steady operations at Constancia since the eight-week suspension earlier this year, Hudbay continues to expect to meet all production, consolidated sustaining capital expenditures and unit cost guidance for 2020, despite ongoing COVID-19 operating challenges. Fourth quarter 2020 production and sales volumes in Manitoba will be impacted by the production interruption at the 777 mine. With the implementation of production mitigation plans, the company continues to expect to achieve full year guidance for Manitoba. Executing on Growth Initiatives The New Britannia gold mill refurbishment project is ahead of schedule and within budget, with detailed engineering approximately 99% complete and construction activities approximately 45% complete. Commissioning of the gold plant is expected in mid-2021, three months earlier than originally planned. Early mining of the gold...