Hudbay President and CEO David Garofalo reports at the Lalor project of the total mine construction budget of 441 million dollars they have invested 390 million and have entered into an additional 42 million dollars in commitments as of March 31st. He explains they have received their environmental act license for Lalor which will enable full production via the main shaft. He says they anticipate doubling the production capacity at the mine and concentrator in the second half of the year as the main production shaft is commissioned and the refurbishment of the Snow Lake concentrator is completed. Garofalo adds lastly not only did they achieve commercial production at Reed at the end of the first quarter ahead of guidance and under budget they completed the entire project without one lost time accident.
At Reed of the 72 million dollar estimated capital construction budget they have invested 66 million dollars to March 31st with 4 million to be spent as sustaining capital over the life of the mine.