Hudbay has released its second quarter 2017 financial results. The net profit for the quarter was 25.6 million dollars compared to a net loss of 5.7 million in the second quarter last year. President Alan Hair reports their increase in operating cash flow to 124.1 million from 69.5 million in the second quarter last year is the result of growth in sales volumes of most metals and higher realized copper and zinc prices. He says they are allocating some of their positive cash free flow generation to expand their exploration budget and build their long term growth pipeline. He notes they have been active in identifying and acquiring grassroots exploration property in Peru, Chile and British Columbia during the downturn in metal prices.
Hair adds the increase in exploration expenditures is expected to fund drilling on the grassroots exploration properties as well as testing targets in Manitoba and drilling down plunge at Lalor near Snow Lake.