Local News

Hudbay Profits Lower As Of Late

              Hudbay has reported that during the first quarter of this year they registered a profit of 1.9 million dollars compared to a profit of 3.4 million dollars in the first quarter of last year.  Total revenue was 119.9 million dollars, 67.1 million lower that the first quarter of last year primarily due to lower sales volumes mainly as a result of the closures of Trout Lake and Chisel North mines and lower metal prices.  President David Garofalo says the future looks good. He explained by closing two higher cost mines while developing three new projects that are lower cost they are positioning towards becoming a company with lower costs and longer life assets.  He says they expect their production rates in all of their key metals to increase more appreciably in 2014 before development projects reach capacity in 2015.  He adds at that time their production in all key metals is expected to rise significantly.

              Garofalo adds they continue their development of the Lalor and Reed Lake mines near Snow Lake and Constancia in Peru.

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