Hudbay Minerals Declared Record Q4 and Full Year 2023 Results

SEATTLE (Scrap Monster): Toronto-based Hudbay Minerals, Inc. delivered record fourth quarter and full-year 2023 financial results.

The company achieved record quarterly and annual revenue of $602.2 million and $1,690.0 million, respectively. The operating cash flow before change in non-cash working capital stood at $246.5 million in the fourth quarter, higher by 35% upon comparison with $182.0 million in the third quarter. It recorded adjusted EBITDA of $274.4 million in the fourth quarter, the highest quarterly level over the past five-year period.

The cash and total liquidity witnessed a surge by $34.1 million to $573.7 million compared to the end of the third quarter. The net debt reduced to $1,038 million during the fourth quarter, the company press release said.

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Hudbay Minerals achieved 2023 consolidated production guidance for all metals. The full year copper production totalled 131,691 tonnes, higher by 26% from 2022. The gold and silver production amounted to 310,429 ounces and 3,575,234 ounces, significantly higher by 46% and 13% year-on-year respectively.

The company foresees nearly 19% surge in consolidate copper production in 2024, compared with actual 2023 production levels. The B.C. copper production is projected at 37,000 tonnes, in line with expectations. Meantime, the Manitoba gold production is anticipated to total nearly 185,000 ounces, which is consistent with the previous year production.