Local News

Hudbay Has Arranged Funding for Snow Lake Gold Growth.

          

Hudbay Minerals has entered into a gold forward sale and prepay arrangement with a syndicate of its existing lenders.  The Company will receive an upfront payment of 115 million dollars US in exchange for delivering a total of just under 80 thousand gold ounces in 2022 and 2023 base on gold forward curve prices averaging approximately 1682 dollars US per ounce.

             

President Peter Kukielski says they are pleased to bolster their liquidity and prefund the entire budget for the New Britannia gold mill refurbishment which is a low risk high return investment with a short payback that is expected to more than double their gold production in Snow Lake to over 150 thousand ounces per year by 2022.

             

On March 30th Hudbay announced its annual reserve and resource update which included a 35 percent increase in Snow Lake gold reserves to 2.2 million ounces and extended the mine life to 18 years.

 

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