Hudbay has released its second quarter 2020 financial results. They report a net loss of 51.9 million dollars compared to a net loss of 76.1 million in the first quarter.  They note the increase in earnings quarter over quarter was primarily due to higher sales volumes in Manitoba offset by the temporary suspension of Constancia mine operations in Peru.

President Peter Kukielski stated their Manitoba operations continue to impress with record gold production this quarter and a significant increase in revenue over the first quarter. He explained the enhanced precious metals was driven by higher gold and silver grades at Lalor as a result of prioritizing resources within the higher value portion of the base metal lenses.  Development in the gold rich lenses 25 and 27 advanced ahead of schedule and production from these areas is expected ahead of the New Britannia mill restart as Lalor transitions to a gold mine.  The Triple Seven Mine in Flin Flon saw higher gold grades during the second quarter which were expected and consistent with the mine plan including the mining of higher grade copper stopes during the quarter.

Kukielski added the New Britannia gold mill refurbishment activities continue on budget in Snow Lake and on schedule to increase Lalor’s annual gold production to over 150 thousand ounces by 2022.