TORONTO (miningweekly.com) – Base metals producer Hudbay Minerals has reported a third consecutive quarterly loss this year.
It recorded a loss of C$11.8-million, or C$0.05 a share, for the period ended September 30, mainly owing to a C$34.5-million impairment charge related to its 2014 acquisition of Augusta Resource Corp.
Hudbay had reported net losses of C$23.7-million and C$55.2-million during the first and second quarters, respectively.
Despite its negative financial performance, the company stated that it remained on track to achieve its full-year production and cost guidance for all operations.
The Flin Flon and Snow Lake operations, in Northern Manitoba, processed ore “relatively consistent” with that processed in the same period last year.
In the fourth quarter of 2015, Hudbay expected to realise sequential improvements in metals production and unit costs per tonne of ore processed as the 777 mine, also in Manitoba, was starting to benefit from the effects of its planned mine fleet renewal.
Hudbay’s NYSE-listed stock had declined by more than 45% since the start of the year, and on Friday morning traded up 2.66% at $5.02 apiece.