Augusta acquisition adds to Hudbay’s Q3 profit
TORONTO (miningweekly.com) – Canadian base metals producer Hudbay Minerals has generated a profit of $49.2-million, or $0.22 a share, for the three months ended September 30, up from $3-million for the same period in 2013, boosted by gains related to the C$555-million acquisition of Augusta Resource Corp in July.
Hudbay reported gains on the revaluation of previously owned shares in Augusta of $50.2-million and mark-to-market gains of $22 on revaluated Hudbay warrants paid to Augusta shareholders and the Augusta warrants that the company assumed in the acquisition.
The profit was partially offset by higher foreign exchange losses of $14.2-million, generally, as a result of the strengthening of the US dollar in the quarter compared with the same period last year and costs of $10.2-million in connection with the Augusta acquisition.
Total revenue for the quarter was $185.4-million, $55.2-million higher than the same period in 2013, primarily as a result of higher sales volumes, the completion of the Reed mine and higher realised zinc prices, partially offset by lower realised copper prices.
Hudbay, which currently owned several copper/zinc/gold mines, either under construction or in operation, in North and South America, reported sales gains in all its metals business segments.
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