Hudbay Minerals has released its annual mineral reserve and resource update and issued a new three year production guidance. President Peter Kukielski says their project execution, operational optimization and exploration efforts over the past year have been successful in setting up the business for the next phase of growth which sees Constancia’s annual copper production in Peru above 100 thousand tonnes for the next eight years and Snow Lake’s annual gold production over 180 thousand ounces once the New Britannia is fully operational with ramp-up and first production at the gold plant now expected early in the third quarter of 2021 ahead of original schedule.
They report mineral reserves have increased year over year which resulted in no change to Snow Lake’s mine life to 2037 as the company accelerated future reserves with a higher production rate at Lalor and Stall. They also noted based on the most recent estimate of mineral reserves there has been no change to the expected mine life of Triple Seven in Flin Flon which is expected to be depleted by the end of the second quarter of 2022. Hubay has begun its transition planning ahead of closure including preparation for the training and transfer of personnel from Flin Flon to Snow Lake. The company plans to close and decommission the Triple Seven Mine and zinc plant upon depletion of reserves but the concentrator and tailings impoundment area will be kept on care and maintenance should another mineral discovery occur in the Flin Flon area.