Hudbay reports in the last quarter of 2012 they recorded a profit of 7.4 million dollars compared to a profit of 34.3 million in the fourth quarter of 2011. Total revenue was 181 million dollars 73.3 million lower than the same period in 2011 primarily due to lower sales volumes and lower metal prices. These issues also affected the full year 2012 with revenue at 702.6 million, 188.2 million lower than 2011.
For the fourth quarter ore production at Hudbay’s Manitoba businesses was 20 percent lower than the previous year’s fourth quarter due to the planned permanent closures of Trout Lake Mine in Flin Flon and Chisel North in Snow Lake partly offset by the start of production at Lalor near Snow Lake.
President David Garofalo says they expect development assets near Snow Lake and in Peru to provide significant copper, gold and zinc production growth over the next two years as they are brought into production.