Local News

Hudbay reports a loss at the end of last year

Hudbay has released its fourth quarter 2013 financial results reporting a loss of 61.5 million dollars compared to a profit of 8.1 million for the fourth quarter of 2012 primarily due to lower inventory balances on hand in 2013 resulting in lower copper and zinc sales volumes compared to the fourth quarter of 2012.

             

Huday President David Garofalo says their development projects progressed well in 2013 putting them in a good position to achieve their strategic objectives this year. He says they continue to advance Constancia in Peru towards initial production late this year, they anticipate doubling the production rate from Lalor in the second half of the year as the main production shaft is commissioned and the refurbishing of the Snow Lake concentrator is completed and they anticipate declaring commercial production at the Reed property during the second quarter of this year.

             

Garofalo also repeated an announcement that Hudbay has made an offer to acquire all the issued and outstanding common shares of Augusta Resources the operator of the Rosemont copper project in Arizona.

 

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