Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX:HBM) (NYSE:HBM) today released its second quarter 2018
financial results. All amounts are in U.S. dollars, unless
otherwise noted.
Summary:
- Net profit and earnings per share in the second quarter of 2018
were $25 million and $0.09, respectively, compared to a net profit
and earnings per share of $19 million and $0.08, respectively, in
the second quarter of 2017
- Operating cash flow1 of $132 million in the second quarter of
2018, a 6% increase from the second quarter of 2017
- Reduced net debt2 position by $49 million during the second
quarter of 2018; as at June 30, 2018, Hudbay had net debt of $536
million and total liquidity, including cash and available credit
facilities, of $859 million
- Consolidated cash cost2, net of by-product credits, of $0.96
per pound of copper, a 13% increase from the second quarter of
2017
- Consolidated all-in sustaining cash cost2, net of by-product
credits, of $1.48 per pound of copper in the second quarter of
2018, down slightly from $1.49 in the second quarter of 2017
- Manitoba combined mine/mill unit operating costs are now
expected to be between C$125 and C$135 per tonne in 20183; Peru
remains on track to meet production, capital cost and unit cost
guidance for 2018
Net profit and earnings per share in the second
quarter of 2018 were $24.7 million and $0.09, respectively,
compared to a net profit and earnings per share of $19.1 million
and $0.08, respectively, in the second quarter of 2017.
In the second quarter of 2018, operating cash
flow before change in non-cash working capital increased to $131.6
million from $124.1 million in the same quarter of 2017. The
increase in operating cash flow is the result of higher realized
prices for copper, zinc and precious metals, partially offset by
decreases in the sales volumes of copper, zinc and silver and
higher mine operating costs.
“In the first half of the year, we delivered
solid production results and growing free cash flow, and applied
that cash flow to substantial net debt reduction and funding the
development of our exploration pipeline,” said Alan Hair, president
and chief executive officer. “Our focus for the remainder of the
year is to deliver on our operating targets, complete the ramp-up
of ore production at Lalor and move Rosemont through the permitting
process into development.”
1
Operating cash flow before change in non-cash working
capital. |
2 Net debt, cash cost
and all-in sustaining cash cost per pound, net of by-product
credits are not recognized under IFRS. For a detailed description
of each of these non-IFRS financial performance measures, please
see the discussion under “Non-IFRS Financial Performance Measures”
beginning on page 5 of this news release. |
3 Initial guidance for
Manitoba combined unit operating costs was C$110 – C$123. |
Net profit and earnings per share in the second quarter of 2018
were affected by, among other things, the following items:
|
|
|
Pre-tax gain(loss)($ millions) |
|
After-tax gain(loss)($ millions) |
|
Per sharegain (loss)($/share) |
|
|
Foreign exchange gain |
5.7 |
|
5.3 |
|
0.02 |
|
|
Mark-to-market adjustments of various items |
4.7 |
|
3.3 |
|
0.01 |
|
|
Non-cash deferred tax adjustments |
- |
|
(7.3) |
|
(0.03) |
|
Compared to the second quarter of 2017,
production of contained copper-equivalent in concentrate in the
second quarter of 2018 decreased by 6.7% as a result of lower
production of copper and zinc, partially offset by higher
production of precious metals. This reflected lower grades at the
Constancia mine in accordance with the mine plan, offset in part by
higher Constancia mill throughput.
In the second quarter of 2018, consolidated cash
cost per pound of copper produced, net of by-product credits, was
$0.96, an increase compared to $0.85 in the same period last year.
The increase is mainly due to increased operating costs in Hudbay’s
Peru and Manitoba business units and reduced copper production,
partially offset by higher by-product credits realized.
Incorporating sustaining capital, capitalized exploration,
royalties and corporate selling and administrative expenses,
consolidated all-in sustaining cash cost per pound of copper
produced, net of by-product credits, in the second quarter of 2018
was $1.48, down slightly from $1.49 in the second quarter of 2017,
as higher cash costs were offset by reduced sustaining capital
spending.
Cash and cash equivalents increased by $46.8
million from March 31, 2018 to $439.6 million as at June 30, 2018.
This increase was a result of operating cash flow before change in
non-cash working capital of $131.6 million. These inflows were
partly offset by $34.6 million of working capital movements and
$39.2 million of capital investments, primarily at Hudbay’s Peru
and Manitoba operations.
Net debt declined by $49.2 million from the
first quarter to $536.2 million at June 30, 2018, as a result of
positive cash flow from Hudbay’s operations. At June 30, 2018,
total liquidity, including cash and available credit facilities,
was $859.2 million, up from $810.0 million at March 31, 2018.
Based on results to date, Hudbay is on track to
meet production and capital expenditure guidance expectations, as
well as Peru unit cost guidance. As a result of a number of
factors, including cold weather in the first quarter, higher costs
at the 777 mine and the impact of a fan outage at the Lalor mine,
Hudbay expects Manitoba combined mine/mill unit operating costs to
be between C$125 and C$135 per tonne in 2018.
Financial Condition ($000s) |
Jun. 30, 2018 |
Dec. 31, 2017(Restated) |
Cash and cash equivalents |
439,576 |
356,499 |
Total long-term debt |
975,816 |
979,575 |
Net debt1 |
536,240 |
623,076 |
Working capital |
400,926 |
251,388 |
Total assets |
4,691,762 |
4,728,016 |
Equity |
2,168,184 |
2,112,345 |
1 Net debt is a non-IFRS financial performance measure with
no standardized definition under IFRS. For further information,
please see page 5 of this news release. |
|
|
|
Financial Performance |
Three months ended |
Six months ended |
($000s except per share and cash cost
amounts) |
Jun. 30 |
Jun. 30 |
|
|
2018 |
2017 |
2018 |
2017 |
Revenue |
371,288 |
336,033 |
757,944 |
597,799 |
Cost of sales |
278,827 |
248,047 |
544,712 |
453,168 |
Profit before tax |
49,797 |
34,935 |
122,900 |
39,573 |
Profit |
24,673 |
19,137 |
66,118 |
9,108 |
Basic and diluted earnings per
share |
0.09 |
0.08 |
0.25 |
0.04 |
Operating cash flow before change in
non-cash |
|
|
|
|
|
working capital |
131,635 |
124,118 |
263,428 |
204,718 |
|
Production and Cost
Performance |
Three months ended |
Three months ended |
|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Peru |
Manitoba |
Total |
Peru |
Manitoba |
Total |
Contained metal in concentrate
produced1 |
|
Copper |
tonnes |
26,818 |
10,807 |
37,625 |
29,798 |
11,044 |
40,842 |
|
Gold |
oz |
5,190 |
27,290 |
32,480 |
3,802 |
28,862 |
26,664 |
|
Silver |
oz |
596,570 |
355,091 |
951,661 |
546,295 |
264,051 |
810,346 |
|
Zinc |
tonnes |
- |
33,170 |
33,170 |
- |
34,896 |
34,896 |
Payable metal in concentrate
sold |
|
Copper |
tonnes |
25,409 |
10,062 |
35,471 |
28,482 |
10,767 |
39,249 |
|
Gold |
oz |
3,764 |
25,932 |
29,696 |
3,445 |
22,006 |
25,451 |
|
Silver |
oz |
438,532 |
250,952 |
689,484 |
558,617 |
232,090 |
790,707 |
|
Zinc2 |
tonnes |
- |
28,168 |
28,168 |
- |
29,424 |
29,424 |
|
Cash cost3 |
$/lb |
1.64 |
(0.71) |
0.96 |
1.24 |
(0.18) |
0.85 |
Sustaining cash cost3 |
$/lb |
1.82 |
0.38 |
|
1.82 |
0.38 |
|
All-in sustaining cash cost3 |
$/lb |
|
|
1.48 |
|
|
1.49 |
|
Six months ended |
Six months ended |
|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Peru |
Manitoba |
Total |
Peru |
Manitoba |
Total |
Contained metal in concentrate
produced1 |
|
Copper |
tonnes |
58,369 |
18,462 |
76,831 |
57,009 |
18,564 |
75,573 |
|
Gold |
oz |
10,608 |
52,965 |
63,573 |
7,737 |
39,650 |
47,387 |
|
Silver |
oz |
1,242,456 |
686,343 |
1,928,799 |
1,085,830 |
462,411 |
1,548,241 |
|
Zinc |
tonnes |
- |
61,952 |
61,952 |
- |
65,466 |
65,466 |
Payable metal in concentrate
sold |
|
Copper |
tonnes |
54,977 |
17,000 |
71,977 |
47,047 |
18,617 |
65,664 |
|
Gold |
oz |
8,671 |
47,082 |
55,753 |
4,919 |
46,001 |
50,920 |
|
Silver |
oz |
1,034,162 |
541,778 |
1,575,940 |
941,880 |
525,392 |
1,467,272 |
|
Zinc2 |
tonnes |
- |
53,620 |
53,620 |
- |
56,256 |
56,256 |
|
Cash cost3 |
$/lb |
1.46 |
(0.58) |
0.97 |
1.27 |
(0.37) |
0.86 |
Sustaining cash cost3 |
$/lb |
1.63 |
0.65 |
|
1.72 |
0.34 |
|
All-in sustaining cash cost3 |
$/lb |
|
|
1.47 |
|
|
1.48 |
1 Metal reported in concentrate is prior to
deductions associated with smelter contract terms. |
2 Includes refined zinc metal sold and payable zinc in
concentrate sold. |
3 Cash cost, sustaining cash cost and all-in sustaining cash
cost per pound of copper produced, net of by-product credits, are
non-IFRS financial performance measures with no standardized
definition under IFRS. For further information, please see page 5
of this news release. |
Peru Operations Review
During the second quarter of 2018, the Peru
operations produced 26,818 tonnes of copper, which was
approximately 10% lower than production in the second quarter of
2017 due to an expected decline in mined grades in accordance with
the mine plan. Production for the first half of 2018 for all
commodities increased compared to the same period in 2017 due to
improved mill throughput, offset in part by lower copper
grades.
Recoveries of copper and silver were slightly
lower in the second quarter of 2018, compared to the same period in
2017, while gold recoveries remain unchanged over the same period.
Hudbay is implementing several metallurgical initiatives with the
intention of increasing copper recoveries as anticipated in the
recently filed 2018 Technical Report for Constancia. Production
results to date are on track to meet 2018 Peru production
guidance.
Combined mine, mill and G&A unit operating
costs in the second quarter of 2018 were 15% higher than the same
period in 2017. The higher combined unit operating costs are due to
higher costs for diesel, steel and power and a decrease in
capitalized stripping. Combined unit costs for the first half of
2018 include accruals for signing bonuses for the three-year
collective bargaining agreement agreed to earlier in 2018, as well
as costs associated with the scheduled plant maintenance outage in
May 2018, which was significantly broader in scope than the
maintenance planned for the fourth quarter of 2018. Accordingly,
Hudbay expects combined unit costs in the second half of 2018 to be
lower than the first half, with full year combined unit costs
expected to be within the guidance range for 2018.
Cash cost per pound of copper produced, net of
by-product credits, for the three months ended June 30, 2018 was
$1.64, an increase of 32% from the same period in 2017, mainly as a
result of higher consumable costs and lower capitalized stripping.
Sustaining cash cost per pound of copper produced, net of
by-product credits, for the three months ended June 30, 2018 was
$1.82, consistent with the same period in 2017, as reduced
sustaining capital expenditures offset higher cash costs.
Manitoba Operations Review
During the second quarter of 2018, the Manitoba
operations produced 33,170 tonnes of zinc, 10,807 tonnes of copper
and 32,363 ounces of gold-equivalent precious metals. Production of
copper was comparable to the same period in 2017, while production
of gold and silver was 19% and 34% higher, respectively. Zinc
production was 5% lower compared to the same period in 2017 as a
result of lower zinc grades at Lalor, in line with the mine
plan.
A failure of one of two main exhaust fans at
Lalor in June has created operating restrictions underground that
are delaying the ramp-up to 4,500 tonnes per day and limiting ore
production to approximately 3,000 tonnes per day. Repairs to the
fan are expected to be completed in August.
Total ore mined at Hudbay’s Manitoba operations
during the second quarter of 2018 decreased by 7% compared to the
same period in 2017. Increased production at the Reed mine was
offset by decreased production at the 777 mine. Overall, gold and
silver grades were 11% and 21% higher, respectively, while copper
and zinc grades were 5% and 14% lower, respectively, in the second
quarter of 2018 compared to the same period of 2017. Grade
variances were due to planned stope sequencing. Unit operating
costs for all Manitoba mines for the second quarter of 2018
increased by 22% compared to the same period in 2017 for the
reasons described below. Lalor unit costs are expected to be
elevated in the third quarter of 2018 due to reduced production and
costs arising from the exhaust fan failure.
Ore processed in Flin Flon in the second quarter
of 2018 was consistent with the same period in 2017. Lower
production at the 777 mine was offset by the transfer of excess
Lalor ore to the Flin Flon concentrator and higher-than-expected
ore output from the Reed mine. Copper and zinc recoveries in the
second quarter of 2018 were consistent with the same period in 2017
while gold and silver recoveries were 9% and 12% higher,
respectively, due to higher head grades. Unit operating costs at
the Flin Flon concentrator were 14% higher in the second quarter of
2018 compared to the same period in 2017 as a result of higher
maintenance expenditures. Ore processed was 10% higher and copper
recoveries were 4% higher at the Stall concentrator in the second
quarter of 2018 compared with the same period in 2017, due to
ongoing operational and maintenance improvements and better
metallurgical understanding of the Lalor ore. Unit operating costs
at the Stall concentrator were 4% lower in the second quarter of
2018 compared to the same period in 2017 as a result of the
increased throughput.
Manitoba combined mine, mill and G&A unit
operating costs in the second quarter and year-to-date in 2018 were
10% and 13% higher, respectively, than in the same periods in 2017
due mainly to higher 777 and Lalor mining costs, Flin Flon mill
maintenance and ore rehandling costs. Lalor costs will continue to
be affected by additional costs to truck Lalor ore to the Flin Flon
mill. Ore production at Reed was substantially complete at the end
of July, as planned.
As a result of a number of factors including
cold weather in the first quarter, higher costs at the 777 mine and
the impact of a fan outage at the Lalor mine, Hudbay expects
Manitoba combined mine/mill unit operating costs to be between
C$125 and C$135 per tonne in 2018, with higher costs during the
third quarter of 2018 while Lalor exhaust fan repairs are
completed. Production of all metals is expected to be within full
year guidance.
Cash cost per pound of copper produced, net of
by-product credits, in the second quarter of 2018 was negative
$0.71 per pound of copper produced. This was lower compared to the
same period in 2017, primarily as a result of significantly
increased zinc by-product credits, partially offset by the factors
affecting unit operating costs described
above.
Sustaining cash cost per pound of copper produced, net of
by-product credits, in the second quarter of 2018 was $0.38, which
is consistent with the prior year as the lower cash cost was offset
by higher planned sustaining capital expenditures.
Credit Facility Extension &
Amendments
On June 15, 2018 we entered into amendments to
our senior credit facilities to extend the maturity date by one
year to July 14, 2022 from July 14, 2021 and to incorporate various
amendments to the terms and conditions of the facilities to provide
Hudbay with greater flexibility. The two facilities have
substantially similar terms and conditions and continue to provide
revolving credit to a maximum amount of up to $550 million.
Dividend Declared
A semi annual dividend of C$0.01 per share was
declared on July 31, 2018. The dividend will be paid on September
28, 2018 to shareholders of record as of September 7, 2018.
Non-IFRS Financial Performance
Measures
Net debt is shown in this news release because
it is a performance measure used by the company to assess its
financial position. Cash cost, sustaining and all-in sustaining
cash cost per pound of copper produced are shown because the
company believes they help investors and management assess the
performance of its operations, including the margin generated by
the operations and the company. These measures do not have a
meaning prescribed by IFRS and are therefore unlikely to be
comparable to similar measures presented by other issuers. These
measures should not be considered in isolation or as a substitute
for measures prepared in accordance with IFRS and are not
necessarily indicative of operating profit or cash flow from
operations as determined under IFRS. Other companies may calculate
these measures differently. For further details on these measures,
including reconciliations to the most comparable IFRS measures,
please refer to page 29 of Hudbay’s management’s discussion and
analysis for the three and six months ended June 30, 2018 available
on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Website Links
Hudbay:
www.hudbay.com
Management’s Discussion and Analysis:
http://www.hudbayminerals.com/files/doc_financials/2018/Q2/MDA182.pdf
Financial Statements:
http://www.hudbayminerals.com/files/doc_financials/2018/Q2/FS182.pdf
Conference Call and Webcast
Date: |
Wednesday,
August 1, 2018 |
Time: |
10 a.m.
ET |
Webcast: |
www.hudbay.com |
Dial
in: |
416-849-1847 or 1-866-530-1554 |
Qualified Person
The technical and scientific information in this
news release related to the Constancia mine and Rosemont project
has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice
President and Chief Operating Officer. The technical and scientific
information related to the Manitoba sites and projects contained in
this news release has been approved by Robert Carter, P. Eng,
Hudbay’s General Manager Mining Operations, Manitoba Business Unit.
Messrs. Meagher and Carter are qualified persons pursuant to NI
43‑101. For a description of the key assumptions, parameters and
methods used to estimate mineral reserves and resources, as well as
data verification procedures and a general discussion of the extent
to which the estimates of scientific and technical information may
be affected by any known environmental, permitting, legal title,
taxation, sociopolitical, marketing or other relevant factors,
please see the Technical Reports for the company’s material
properties as filed by Hudbay on SEDAR at www.sedar.com.
Forward-Looking
Information
This news release contains forward-looking information within the
meaning of applicable Canadian and United States securities
legislation. All information contained in this news release, other
than statements of current and historical fact, is forward-looking
information. Often, but not always, forward-looking information can
be identified by the use of words such as “plans”, “expects”,
“budget”, “guidance”, “scheduled”, “estimates”, “forecasts”,
“strategy”, “target”, “intends”, “objective”, “goal”,
“understands”, “anticipates” and “believes” (and variations of
these or similar words) and statements that certain actions, events
or results “may”, “could”, “would”, “should”, “might” “occur” or
“be achieved” or “will be taken” (and variations of these or
similar expressions). All of the forward-looking information in
this news release is qualified by this cautionary note.
Forward-looking information includes, but is not
limited to, production, cost and capital and exploration
expenditure guidance, anticipated production at Hudbay’s mines and
processing facilities, the expected benefits of implementing the
metallurgical recovery initiatives at the Constancia processing
plant, the anticipated timing for completing the repairs to the
Lalor exhaust fan, the anticipated timing, cost and benefits of
developing the Rosemont project and Pampacancha deposit, the
anticipated impact of any delays to the start of mining the
Pampacancha deposit, the anticipated results of litigation
challenging the Rosemont permitting process, anticipated
exploration plans, including the exploration and development
strategy for the Lalor gold zones, the exploration potential at
Lalor, including the possibility of converting inferred mineral
resources to higher confidence categories and establishing
additional mineral resources through testing the continuity of the
mineralized zones, the anticipated continued success of utilizing a
selective mining method to mine the high grade gold zones,
anticipated mine plans, anticipated metals prices and the
anticipated sensitivity of the company’s financial performance to
metals prices, events that may affect its operations and
development projects, the permitting, development and financing of
the Rosemont project, the potential to optimize the scale of
production at Lalor and to efficiently process the excess base
metals ore and initial gold zone ore production at the Flin Flon
mill, anticipated cash flows from operations and related liquidity
requirements, the anticipated effect of external factors on
revenue, such as commodity prices, estimation of mineral reserves
and resources, mine life projections, reclamation costs, economic
outlook, government regulation of mining operations, and business
and acquisition strategies. Forward-looking information is not, and
cannot be, a guarantee of future results or events. Forward-looking
information is based on, among other things, opinions, assumptions,
estimates and analyses that, while considered reasonable by the
company at the date the forward-looking information is provided,
inherently are subject to significant risks, uncertainties,
contingencies and other factors that may cause actual results and
events to be materially different from those expressed or implied
by the forward-looking information.
The material factors or assumptions that Hudbay
identified and were applied by the company in drawing conclusions
or making forecasts or projections set out in the forward-looking
information include, but are not limited to:
- the success of mining, processing, exploration and development
activities;
- the scheduled maintenance and availability of the processing
facilities;
- the accuracy of geological, mining and metallurgical
estimates;
- anticipated metals prices and the costs of production;
- the supply and demand for metals the company produces;
- the supply and availability of all forms of energy and fuels at
reasonable prices;
- no significant unanticipated operational or technical
difficulties;
- the execution of Hudbay’s business and growth strategies,
including the success of its strategic investments and
initiatives;
- the availability of additional financing, if needed;
- the ability to complete project targets on time and on budget
and other events that may affect the company’s ability to develop
its projects;
- the timing and receipt of various regulatory, governmental and
joint venture partner approvals;
- the availability of personnel for the exploration, development
and operational projects and ongoing employee relations;
- the ability to secure required land rights to develop the
Pampacancha deposit;
- maintaining good relations with the communities in which the
company operates, including the communities surrounding the
Constancia mine and Rosemont project and First Nations communities
surrounding the Lalor and Reed mines;
- no significant unanticipated challenges with stakeholders at
the company’s various projects;
- no significant unanticipated events or changes relating to
regulatory, environmental, health and safety matters;
- no contests over title to the company’s properties, including
as a result of rights or claimed rights of aboriginal peoples;
- the timing and possible outcome of pending litigation and no
significant unanticipated litigation;
- certain tax matters, including, but not limited to current tax
laws and regulations and the refund of certain value added taxes
from the Canadian and Peruvian governments; and
- no significant and continuing adverse changes in general
economic conditions or conditions in the financial markets
(including commodity prices and foreign exchange rates).
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), uncertainties related to the development
and operation of the company’s projects (including risks associated
with the permitting, development and economics of the Rosemont
project and related legal challenges), risks related to the
exploration and development program at Lalor, including the ability
to convert inferred mineral resources to higher confidence
categories and to identify additional mineral resources, and risks
associated with the selective mining of the high grade gold zones,
risks related to the maturing nature of the 777 mine and the
pending closure of the Reed mine and their impact on the related
Flin Flon metallurgical complex, dependence on key personnel and
employee and union relations, risks related to the schedule for
mining the Pampacancha deposit (including the timing and cost of
acquiring the required surface rights and the impact of any
schedule delays), risks related to political or social unrest or
change, risks in respect of aboriginal and community relations,
rights and title claims, operational risks and hazards, including
unanticipated environmental, industrial and geological events and
developments and the inability to insure against all risks, failure
of plant, equipment, processes, transportation and other
infrastructure to operate as anticipated, compliance with
government and environmental regulations, including permitting
requirements and anti-bribery legislation, depletion of the
company’s reserves, volatile financial markets that may affect the
company’s ability to obtain additional financing on acceptable
terms, the failure to obtain required approvals or clearances from
government authorities on a timely basis, uncertainties related to
the geology, continuity, grade and estimates of mineral reserves
and resources, and the potential for variations in grade and
recovery rates, uncertain costs of reclamation activities, the
company’s ability to comply with its pension and other
post-retirement obligations, the company’s ability to abide by the
covenants in its debt instruments and other material contracts, tax
refunds, hedging transactions, as well as the risks discussed under
the heading “Risk Factors” in Hudbay’s most recent Annual
Information Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
Note to United States Investors
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which may differ materially from the requirements of
United States securities laws applicable to U.S. issuers.
About Hudbay
Hudbay (TSX:HBM) (NYSE:HBM) is an integrated
mining company primarily producing copper concentrate (containing
copper, gold and silver), zinc concentrate and zinc metal. With
assets in North and South America, the company is focused on the
discovery, production and marketing of base and precious metals.
Directly and through its subsidiaries, Hudbay owns four
polymetallic mines, four ore concentrators and a zinc production
facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and a copper project in Arizona (United States). The
company’s growth strategy is focused on the exploration and
development of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima.
For further information, please contact:
Carla NawrockiDirector, Investor Relations(416)
362-7362carla.nawrocki@hudbay.com
HudBay Minerals (NYSE:HBM)
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From Aug 2024 to Sep 2024
HudBay Minerals (NYSE:HBM)
Historical Stock Chart
From Sep 2023 to Sep 2024