Hudbay Minerals Inc.
Hudbay Minerals Inc.
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Q1 22 loss-to-$64M profit turnaround for miner Hudbay Mins, despite a string of problems sending all production down
Hudbay Minerals has cut its June 2021 qtr (Q2 21) loss to $US3.39M from Q1 21’s $60.1M loss, benefitting from higher realized copper-zinc-gold prices and copper/precious metals sales, albeit offset by lower zinc sales and higher taxes.
The Canada-Peru-US miner lifted pre-tax earnings to $14.81M from a $69.59M loss on revenue jumping to $404.24M from $313.62M, with operating cash flow before changes in non-cash working capital also well up to $132.8M from $90.7M and adjusted EBITDA to $143.2M from $104.2M.
(INFRASTRUCTURE)
A damning report on the state of infrastructure in the United States, with critical structures being pushed to the limit and one in three bridges on interstates in need of rehabilitation or replacement, is another indictment of the lack of action by legislators that is also holding back the mining sector.
The owners of Spain’s Minas de Aguas Teñidas (MATSA) company plan to launch the sale of the copper miner on Friday in a deal led by investment banks Bank of Montreal (BMO) and UBS that could fetch up to $US2B, Reuters reports.
There has been a fatality at Canada-based diversified mining company Hudbay Minerals’ Lalor mine, near Snow Lake gold-zinc-copper mine in Manitoba, Canada, shutting all underground mining operations, Reuters reports.
The company says the incident occurred during underground mining operations on the evening of June 19, 2021, when a worker employed by a service provider was fell while working at height. No one else was hurt and an investigation is underway.
Canada-Peru-US miner Hudbay Minerals has plunged to a Mar 2012 qtr (Q1 21) net loss of $US60.12M from Q4 20’s $7.4M profit, with higher realized metals prices offset by lower sales, primarily due to the timing of sales in Peru and a build-up of copper concentrate in Manitoba, Canada, caused by limited railcar availability.
A new study on Hudbay Minerals’100%-owned, $US2.1B initial capex Mason copper project in Nevada, US, envisages a 27-year LoM operation producing an average annual 140,000t of copper over its 1st 10-years of full production.
The preliminary economic assessment (PEA) believes Mason has the potential to more than double Hudbay’s current copper production levels and make it the 3rd largest copper mine in the US.
With Hudbay Minerals’ Peru operations running at full capacity after temporary Q2 20 COVID-19 suspension and the Manitoba, Canada, operations having its best qtr cost performance in the last 2-years, the Canadian company has halved its Sept 2020 qtr (Q3 20) loss to $US23.9M from Q2 20’s $51.9M loss on revenue up to $316M from $208.9M.
Lower realized base metal prices, lower grades and higher costs at the temporally suspended Constancia mine in Peru, have helped blow Hudbay Minerals’ March qtr 2020 (Q1 20) loss from its north and south Americas operations out to $US76.1M from Q4 19’s $1.45M loss.
Cash from operating activities plunged to $9.1M from $98.7M, while operating cash flow, before changes in non-cash working capital, fell to $42M from $69.1M.
A range of issues across its Americas base/precious metals operations has seen Hudbay Minerals Q1 20 loss blow out to $76M