The Hudbay 4th quarter report we reported on yesterday also includes Manitoba developments. President Peter Kukielski says they continue to move forward at their Snow Lake deposits. He explained in early 2019 they announced a significant increase in reserves and an updated mine plan for Lalor which is projected to more than double the annual gold production for the mine. He added through the refurbishment of the nearby New Britannia gold mill and related infrastructure upgrade in Snow Lake Lalor’s annual gold production is expected to increase to approximately 140 thousand ounces at sustaining 450 dollars per ounce starting in 2022 noting he believes Lalor is on track to become one of the best gold mines in Canada.
Kukielski also mentioned the discovery of the new 1901 deposit in the Snow Lake area last year. He also noted Hudbay continues to implement improvements to the legacy Flin Flon tailings impoundment area in line with higher industry wide standards for tailings dam safety following the failure of other tailings dams in recent years with spending of approximately 20 million dollars a year from 2020 to 2022.