Hudbay Minerals reports in the second quarter of this year they recorded a loss of 52.7 million dollars compared to a loss of 29.6 million in the second quarter of last year largely due to lower sales volumes mainly as a result of the planned permanent closure of their Trout Lake and Chisel North Mines and lower metal prices.

As a result the Company has implemented spending reductions which are expected to total 100 million dollars over the balance of 2013 and 14, including exploration spending reductions of approximately 30 million through the end of 2014 as well as deferrals of approximately 20 million in sustaining capital expenditures to beyond 2014.

In addition the Company plans to defer approximately 325 million dollars of the capital cost for the construction of the new Lalor concentrator, as a planned 9 million dollar investment to double the capacity of the Snow Lake concentrator is expected to accommodate planned production from the new Lalor Mine until the end of 2016.