In their 2020 year end report Hudbay President Peter Kukielski stated the Manitoba business unit had strong operating performance. He explained in March they announced the second phase of their Snow Lake gold strategy which saw a 35 percent increase in their Snow Lake gold reserves, a 41 percent increase in the life of mine gold production at Lalor and increased annual gold production at Lalor to over 150 thousand ounces at lowest quartile cash costs and sustaining cash costs. In May they funded the New Britannia refurbishment project with a timely gold pre-pay transaction, they’ve advanced the project to 73 percent completion to date and they ungraded the NI43-101 resource estimate at the 1901 deposit and increased the size of the base metal resources while defining a new gold rich inferred resource.
Hudbay continues to implement improvements to the legacy Flin Flon tailings impoundment area in line with the higher industry wide standards for tailings dam safety spending approximately 20 million dollars per year from 2020 to 2022. The company is also engaged in discussions with labor unions in each jurisdiction as it works towards renewing the collective agreements that expired on or about December 31st.
