Hudbay Minerals capex to top C$1bn in 2014
TORONTO (miningweekly.com) – Canadian precious metals and base metals miner Hudbay Minerals on Wednesday revealed that it plans to spend about C$1-billion on capital expenditures this year.
The Toronto-based firm said it would spend about C$714-million on completing the Constancia copper project, in Peru, on which it had already spent $932-million to bring it to 56% completion as at the end of December.
The company also announced its 2014 production guidance, saying it expects to produce between 41 000 t and 55 000 t of copper, up from 29 930 t in 2013, which was just below the bottom-end of its 2013 guidance. Hudbay also expects zinc output of between 87 000 t and 105 000 t, up from 86 527 t in 2013.
The TSX- and NYSE-listed company added that it planned to spend about C$20.4-million on exploration this year, focused mainly on developing an underground exploration drift at the Lalor mine, in Manitoba, and other exploration near existing and planned processing infrastructure in Manitoba and Peru.
The year was shaping up to be significant in Hudbay’s portfolio of development projects, as it expected to reach commercial production at its Reed mine, also in Manitoba, in the first half of the year, and from the main production shaft at Lalor, in the second half of 2014.
The production schedule for the $1.7-billion Constancia project was unchanged, with initial production expected in late 2014, and commercial production projected for the second quarter of 2015.
Hudbay’s TSX-listed stock on Wednesday traded as high as C$9.02 apiece, before settling at C$8.81 a share.
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