Hudbay has released its second quarter 2018 financial results. President Alan Hair says operating cash flow before change in non-cash working capital increased to just over 131 million dollars from 124 million in the same quarter last year. The increase in operating cash flow he explained is the result of higher realized prices for copper, zinc and precious metals, partially offset by decreases in sales volume of copper, zinc and silver and higher mine operating costs. Hair looked at future plans noting as they look towards the balance of 2018 their priorities include completing the ramp up of production at Lalor near Snow Lake, in Peru enhancing Constancia production through higher recovery and throughput optimization and completing the Pampacancha surface rights negotiations, advancing their exploration pipeline and seeing the Rosemont permitting process through to completion in Arizona. He adds they remain very positive about the long term supply and demand for fundamentals of copper and believe that their business is well positioned to create values as those fundamentals materialize.
Net profit for the second quarter was 24.7 million dollars compared to a net profit of 19.1 million in the second quarter last year.