Hudbay has released its third quarter 2016 financial results. The net profit in the quarter was 33.6 million dollars compared to a net loss of 11.8 million in the third quarter last year. President and CEO Alan Hair says their strong operating performance together with cost efficiencies achieved at their operations enabled them to generate increased operating cash flow and earnings during the quarter. He says the goal this year was to generate cash flow from their business in a weak metal price environment while at the same time optimizing their operations. He says their performance this quarter well positioned them to achieve that goal. Hair adds they also remain committed to realizing the full potential of their growth opportunities pipeline.
Hudbay reports the increase in operating cash flow is the result of growth in production and copper sales volumes, slightly higher realized sales prices and ongoing cost optimization initiatives at all sites. Results at Hudbay’s operations were reported to be strong with record quarterly copper equivalent production and continued low cash costs in both Peru and Manitoba.