Hudbay has release its third quarter 2019 financial results. They report a net loss in the quarter of 274.8 million dollars compared to a net profit of 22.8 million in the third quarter of 2018. Interim President and CEO Peter Kukielski says the loss reflects an after tax impairment loss of 242.1 million on Hudbay’s carrying value of the Rosemont copper project in Arizona following the US District Court decision vacating and remanding Rosemont’s permits which Hudbay intends to appeal.
He commented on their operations in Peru and Manitoba noting in the third quarter Hudbay continued to deliver solid operating results with record quality mill throughput at Constancia and strong cost performance in both Peru and Manitoba. He says they produced over 36 thousand tonnes of copper in the quarter which is a 20 percent increase compared to last quarter due to high grades and recoveries at Constancia along with record quarter throughput at the Constancia mill.
Hudbay’s Board of Directors continues its search for a permanent Chief Executive officer.
We’ll have more on Manitoba operations on tomorrow’s news.