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Hudbay Minerals Announces Third Quarter 2021 Results
TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its third quarter 2021 financial resu
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its third quarter 2021 financial results. All amounts are in U.S. dollars, unless otherwise noted. Third Quarter Operating and Financial Results Generated $359.0 million in revenue, $103.5 million of operating cash flow before change in non-cash working capital and $119.3 million of adjusted EBITDAi in the third quarter of 2021 from higher realized base metals prices and higher gold sales volumes, partially offset by lower base metals sales volumes. Consolidated copper production in the third quarter was 23,245 tonnes; quarterly consolidated gold production increased by 35% to 53,872 ounces in the third quarter, compared to the second quarter in 2021, a record for Hudbay. Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, were $0.62 and $1.97, respectively, an improvement of 26% and 12% compared to the second quarter of 2021. Third quarter Peru production was boosted by significantly higher gold grades from Pampacancha and record gold recoveries, leading to record quarterly gold revenue. Pampacancha production continues to ramp-up, achieving a 109% increase in ore production quarter over quarter. Third quarter Manitoba production benefited from higher throughput and higher gold grades at Lalor but was negatively impacted by lower zinc grades and zinc recoveries, limiting overall zinc concentrate feed to the zinc plant. Manitoba results included initial gold production from New Britannia's gold circuit. On track to meet annual production guidance for copper, gold, zinc and silver in concentrate and doré, consolidated sustaining capital expenditures, and Manitoba unit operating cost in 2021. After adjusting for unbudgeted COVID-related costs in Peru, full year unit operating costs for Peru are expected to be around the top end of the 2021 guidance range. Third quarter net loss and loss per share were $170.4 million and $0.65, respectively. After normalizing for an impairment charge related to higher estimated closure costs associated with the company’s updated Flin Flon closure plan and the Flin Flon restructuring charges, amongst other items, third quarter adjusted net earningsi per share were $0.15. Cash and cash equivalents increased during the third q...