In their first quarter 2021 report Hudbay noted a net loss of 60.1 million dollars compared to net earnings of 7.4 million dollars in the fourth quarter of last year.  President Peter Kukielski says first quarter earnings benefited from high realized prices for all metals which was offset by lower sales volumes due to the timing of sales in Peru and a buildup of concentrate in Manitoba caused by limited rail car availability.  He explained this resulted in the buildup of approximately five thousand tonnes of copper concentrate in excess of normal operating levels valued at approximately 18 million dollars.  He noted if both parcels of copper concentrate had been sold during the first quarter they would have realized approximately 39 million dollars of incremental revenue. He added these parcels have since been recognized as revenue and copper concentrate inventory levels have normalized in the second quarter.

Kukielski adds they are pleased to have commenced production at Pampacancha in Peru and look forward to their first gold pour at the New Britannia mill in Snow Lake which is on schedule for the third quarter and they expect to significantly advance their long term copper growth opportunities this year.