Local News

Hudbay Reports Reduced Profits.

 

Hudbay has released its third quarter 2018 financial results.  The net profit in the quarter was 22.8 million dollars decreased from 36.3 million in the third quarter last year due to lower realized prices for all commodities, lower sales volumes of copper and higher operating costs partially offset by increases in sales volumes of precious metals and zinc.  President Alan Hair commented on their operations in Peru, Manitoba and Arizona noting at Constancia they generated record mill throughput and record copper recovery for mines as a result of their optimization efforts, in Manitoba they delivered solid results and believe the optimal processing scenario for the Lalor gold and copper gold zones is to refurbish the New Britannia gold mill and at Rosemont pending receipt of the section 404 water permit from the Army Corp of Engineers they are positioned to finalize the financing plans for the project and move the project to construction.

            

Hair also reported Hudbay has entered into an agreement to acquire Mason Resources owner of the Ann Mason copper deposit located in Nevada with the potential to be a low cost long life mine for 15 million dollars which is a third of their 2018 exploration budget.

 

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