Local News

Hudbay Continues to Struggle With Unsold Product.

 

 

 In their second quarter 2015 report Hudbay indicates a net loss of 55.2 million dollars compared to net income of .3 million in the second quarter of 2014.  While improved when compared to the prior year, cash flow from operations and net earnings were negatively impacted by unsold copper, gold and silver during the quarter.  President David Garofalo says they are looking forward to improvements.  He explains for the second half of 2015 with the benefit of full production and already improving metallurgical recoveries at Constancia in Peru and decreasing input costs, they expect to maintain their 2015 production and mine site operating costs guides.  He says this should also lead to further improvements in cash costs per pound of copper produced.  He adds these continued increases in metal production together with improving transportation logistics in Peru and Manitoba are expected to drive up revenues and operating cash flows substantially in the second half of the year.

             

In the second half of the year Hudbay expects to realize over 100 million dollars in cash flow from the sale of excess copper concentrate inventories and value added tax refunds from the Peruvian government.

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