Local News

Hudbay Reports Smaller Losses.

 

Hudbay has released its second quarter 2016 financial results.  The net loss for the quarter was 5.7 million dollars compared to a net loss of 44.3 million in the second quarter last year.  They report the net loss was affected by among other things non-cash deferred tax adjustments of 8.4 million dollars.

             

President and CEO Alan Hair says in the second quarter of 2016 the results of their ongoing initiative to optimize their operations and reduce costs were evident.  He says they saw increased production volumes across all metals compared to the first quarter of 2016 mainly due to the strong operating performance at the Constancia operation in Peru.  He notes costs at all their operations were reduced and their production and cost reduction performance at their operations enabled them to improve their financial performance during this quarter despite the low commodity price environment. 

             

Hair adds they remain on track to meet the cost reductions initiatives they announced earlier this year as well as their production, operating and capital cost guidelines for 2016.  We’ll look at their Manitoba operations on Tuesday.

 

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