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HudBay profits, revenues jump

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HUDBAY Minerals Inc. reported a big jump in quarterly profits and revenues for the fourth quarter of 2011.

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Hey there, time traveller!
This article was published 09/03/2012 (3980 days ago), so information in it may no longer be current.

HUDBAY Minerals Inc. reported a big jump in quarterly profits and revenues for the fourth quarter of 2011.

The Toronto-based miner (TSX:HBM) said profits for the last three months of 2011 were $34.3 million, or 21 cents a share. During the same period a year earlier, HudBay earned $7.9 million, or seven cents a share. Revenues grew to $254.3 million from $184.6 million.

“Consistent operating performance from our reliable northern Manitoba operations enabled us to meet our production targets in 2011 for the fifth consecutive year,” CEO David Garofalo said in a news release.

The company produced revenues of $890.8 million for the year, 14 per cent better than 2010. But it recorded a net loss of $163.6 million for the year, compared with a net profit of $21 million last year. The losses are attributed to writeoffs from the sale of assets, including Fenix, a large Guatemalan nickel property.

Meanwhile, the base metals miner that has been a mainstay in Flin Flon for more than 80 years is on target in the construction of the Lalor copper/gold mine near Snow Lake. It is expected to begin ore production in mid-2012.

HudBay also secured key construction permits for the Reed copper project that it owns with VMS Ventures. Ore production at that much smaller mine south of Snow Lake is expected by the fourth quarter of 2013.

HudBay is budgeting $54 million in exploration spending in 2012, with about $31 million of that targeted for northern Manitoba.

Planning and design of HudBay’s Constancia project in Peru is well advanced. A further project update is expected by the end of the first quarter of 2012.

On Thursday, HudBay disclosed it acquired more shares in Panoro Minerals Ltd. so it now owns about 11 per cent of the company, which has exploration and development properties in the southeastern region of Peru.

Last month, the company announced it’s uniting all of its operations under the HudBay brand to better position itself for continued growth and expansion.

HudBay shares closed up 48 cents to $11.67.

— staff

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