Hudbay has released its fourth quarter 2014 financial results. Total revenue for the fourth quarter was 128.4 million dollars 7.7 million lower than the same period in 2013. This decrease was primarily due to lower copper prices and lower copper, gold and silver sales volumes which is a result of the unscheduled two week shutdown of the Triple Seven shaft in Flin Flon and approximately 40 percent of copper produced in the quarter in transit and unsold. Hudbay President David Garofalo says they look forward to this year’s production when zinc, copper and precious metals production are all expected to benefit from the first year of production at the Constancia project and from a full year of production at the Lalor main shaft. He says copper production in particular is expected to increase by approximately 300 percent over 2014 levels due to the planned production from Constancia, Lalor and Reed mines.
Garofalo adds the economies of scale of the increased production values of all metals are expected to drive down unit operating costs significantly in 2015.