Local News

Hudbay Reports A First Quarter Loss

In its first quarter 2014 financial results Hudbay reports it recorded a net loss of 27.2 million dollars in the first quarter compared to a profit of 1.9 million in the first quarter of 2013.

             

Hudbay President David Garofalo says there were a couple of reasons. He says despite better copper production volumes late in the quarter the availability of concentrate for shipping prior to quarter end was limited and extreme cold weather in the quarter affected railway service from their Manitoba operations.  He says as a result cash flow from operations, net earnings and cash costs per pound of copper sold were all affected by significant accumulation of unsold copper and precious metals.

             

Garofalo adds Hudbay is poised to deliver growth in production, earnings and cash flow in the second half of this year as they approach the end of their 2.2 billion dollar three mine construction program at Constancia in Peru and Lalor and Reed near Snow Lake.

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