Hudbay released its 4th quarter 2016 results yesterday. They report a net loss of 43.7 million dollars compared to a net loss of 255.5 million in the fourth quarter of 2015. They add while sales volumes were lower compared to the same quarter the previous year they benefited from lower operating costs and higher realized prices on all metals. President Alan Hair reflected on all of 2016 noting it was a year of volatile metal prices but their efforts to adapt the business in response to the environment paid off as they achieved their guidance levels, generated positive free cash flow to reduce debt while positioning the business to be ready to refocus and grow when market conditions improve.
Hair added they will continue to focus on efficiency improvements and debt reduction in 2017 in addition to advancing high return in house brownfield opportunities such as increasing the throughput from the Lalor Mine and developing the Pampacancha deposit at Constancia, Peru.