HudBay expects to more that triple copper output as new mines come on line
TORONTO (miningweekly.com) – Base metals miner HudBay Minerals reported initial production from the completed Constancia copper porphyry project, in southern Peru, started during the quarter ended December and it expected to declare commercial production in the second quarter.
The TSX- and NYSE-listed miner on Thursday said it expected full-year 2015 output to rise by more than 270% year-on-year, owing to planned production from all three new mines including Constancia, and the Lalor and Reed projects, in the Flin Flon Greenstone Belt of Manitoba.
HudBay forecast 2015 output to be 140 000 t to 175 000 t of copper, 95 000 t to 120 000 t of zinc and 135 000 oz to 170 000 oz of precious metals.
For 2014, HudBay reported total output of about 37 644 t of copper, below the 41 000 t bottom-end of its full-year target. This was mainly ascribed to “nominal” copper concentrate output at Constancia late last year.
HudBay planned to lower its capital budget to about C$425-million in 2015, down about 60% from 2014. The budget included about C$320-million of sustaining capital expenditures at Hudbay's four mines and related facilities, as well as planned expenditures for permitting and engineering work at its Rosemont project, in Arizona, and capitalised exploration.
HudBay’s TSX-listed stock was on the up on Friday, gaining as much as C$0.55 a share to C$8.64.
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