Hudbay Minerals Gold Output Hit New Record

SEATTLE (Scrap Monster): Hudbay Minerals Inc. released its first quarter 2021 financial results.

The consolidated gold production by the company touched a new record of 35,500 ounces in the first quarter. The consolidated copper production during the quarter was 24,553 tonnes. The first quarter net loss and loss per share were $60.1 million and $0.23, respectively. The quarter adjusted EBITDA was $104.2 million. Meantime, the cash and cash equivalents decreased during the first quarter to $310.6 million, said the company press release.

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The company announced year-over-year increase to total mineral reserves of approximately 170,000 tonnes of contained copper and 360,000 ounces of contained gold. Also, it announced three-year production guidance, which states that consolidated copper and gold production are expected to increase by 36% and 125%, respectively, by 2023, compared to 2020 levels.

Peter Kukielski, President and Chief Executive Officer said that the company’s operations remain on track to achieve full year production and unit cost guidance. He expressed pleasure in commencing production at Pampacancha. Also, it looks forward to first gold pour at the New Britannia mill during the third quarter of the current year, he added.