Hudbay reports a net loss of 144.6 million dollars for 2020 compared to a net loss for 343.8 million in 2019. The 2019 net loss was mainly caused by an after tax impairment charge of 242.1 million recorded in Hudbay’s interest in the Rosemont Project in Arizona. President Peter Kukielski says for the full year they met the guidance for all of their metals. He explains copper production was lower year over year as a result of lower grades at Constancia and the impact of the eight week production interruption however consolidated gold production increased by nine percent over 2019 levels as significantly higher gold production from Manitoba more than offset lower production in Peru. He noted this allowed them to capitalize on gold prices this year as they saw a 24 percent increase in Manitoba’s gold sales volume in 2020 compared with 2019 adding they exited the year with 439 million dollars in cash and equivalents which positions them well to pursue their strategic growth initiative investments in 2021.
Hudbay expects to publish updated mine plans for each of its Constancia Peru and Snow Lake Manitoba operations at the end of March. They predict increased exploration spending this year to drill promising targets in Arizona, Peru and Snow Lake.