Hudbay swings to Q1 loss
TORONTO (miningweekly.com) – Canadian base metals miner Hudbay Minerals has swung to a first-quarter loss of C$27.2-million, or $0.15 a share, compared with a profit of C$1.9-million, or C$0.01 a share, in the comparable quarter of 2013.
Revenues for the quarter dropped to C$106.8-million, down 11% year-on-year from C$119.9-million last year.
Analysts had on average expected adjusted earnings of C$0.02 a share.
Hudbay's 70%-owned Reed copper mine, in Manitoba, achieved commercial production earlier than expected at the end of the quarter, after operating at an average of 792 t/d in the first quarter.
Of Hudbay's C$72-million estimated capital budget for the project, it had invested about C$66-million to March 31, to complete the project under budget.
At the end of the period, the company’s Constancia project, in Peru, was about 71% complete and on track for first production during the fourth quarter. Hudbay said that it had secured a commitment to a $150-million, four-year Constancia standby credit facility, which was expected to close in the second quarter.
At the nearby Lalor mine, the expansion project was also on budget and on schedule to double production capacity and increase production rates in the second half of the year.
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