Business
Hudbay Minerals Delivers Strong Fourth Quarter and Record Full Year 2024 Results; Achieves 2024 Consolidated Production and Cost Guidance and Provides 2025 Annual Guidance
TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today released its fourth quarter and full year 202
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today released its fourth quarter and full year 2024 financial results, and announced 2025 annual production and cost guidance. All amounts are in U.S. dollars, unless otherwise noted. All production and cost amounts reflect the Copper Mountain mine on a 100% basis, with Hudbay owning a 75% interest in the mine. \"Hudbay delivered record financial performance and a transformed balance sheet in 2024, driven by the achievement of consolidated production guidance for all metals with gold production significantly exceeding the top end of the guidance range and the outperformance of our twice-improved consolidated cash cost guidance,” said Peter Kukielski, President and Chief Executive Officer. “Our enhanced operating platform achieved steady copper production, record high gold production and industry-leading cost performance, generating record annual free cash flows in 2024. The free cash flow generation and the successful equity offering in May have contributed to the significant $512 million reduction in net debt in 2024 and the transformation of our balance sheet to be in the lowest leverage position of our peers. This has put us in an excellent position to reinvest in our portfolio of high-return growth projects to unlock significant near-term and long-term value for our stakeholders. Our near-term brownfield growth projects include attractive mill improvement projects in British Columbia and Peru, which are expected to increase mill throughput levels starting in 2026. Our Copper World project in Arizona is now fully permitted and we look forward to prudently advancing this high-quality copper development project towards a construction sanctioning decision in 2026, and once in production, Copper World is expected to increase our consolidated copper production by more than 50% from current levels.” Delivered Record Annual Results, Led by Record Gold Production from Manitoba Operations and Record Revenues; 2024 Consolidated Production and Cost Guidance Achieved Achieved record annual revenue of $2,021.2 million and record annual adjusted EBITDAi of $822.5 million. Enhanced operating platform achieved 2024 consolidated production guidance for all metals with record gold production exceeding the top end of the 2024 guidance ...