Along with the Manitoba results we reported on Friday Hudbay reported an overall profit of 41.4 million dollars for the quarter compared to a net loss of 10 million dollars in the first quarter of 2017. President Alan Hair says they had another quarter of positive cash flow as a result of higher copper sales volumes and higher realized prices for all metals allowing for further debt repayment which will continue. He explains as they look forward to the balance of 2018 they will continue to focus on driving efficiencies in their operations to generate free cash flow and increase net asset values. He say from a growth perspective they remain committed to advancing the existing opportunities in the pipeline such as the completion of the paste plant and continued ramp up of production at Lalor near Snow Lake and moving Rosemont in Arizona through the permitting process into development.
Hair adds compared to the first quarter of last year production of copper, gold and silver in concentrate increased as a result of higher milled throughput at all of Hudbay’s operations together with higher grades for precious metals in Manitoba.