Hudbay Minerals has released its second quarter 2018 financial results.
Hudbay Minerals (TSX:HBM,NYSE:HBM) has released its second quarter 2018 financial results.
As highlighted in the press release:
- Net profit and earnings per share in the second quarter of 2018 were US$25 million and US$0.09, respectively, compared to a net profit and earnings per share of US$19 million and US$0.08, respectively, in the second quarter of 2017
- Operating cash flow of US$132 million in the second quarter of 2018, a 6 percent increase from the second quarter of 2017
- Reduced net debt position by US$49 million during the second quarter of 2018; as at June 30, 2018, Hudbay had net debt of US$536 million and total liquidity, including cash and available credit facilities, of US$859 million
- Consolidated cash cost, net of by-product credits, of US$0.96 per pound of copper, a 13 percent increase from the second quarter of 2017
- Consolidated all-in sustaining cash cost, net of by-product credits, of US$1.48 per pound of copper in the second quarter of 2018, down slightly from US$1.49 in the second quarter of 2017
- Manitoba combined mine/mill unit operating costs are now expected to be between C$125 and C$135 per tonne in 2018; Peru remains on track to meet production, capital cost and unit cost guidance for 2018
President and CEO of Hudbay, Alan Hair said:
“In the first half of the year, we delivered solid production results and growing free cash flow, and applied that cash flow to substantial net debt reduction and funding the development of our exploration pipeline. Our focus for the remainder of the year is to deliver on our operating targets, complete the ramp-up of ore production at Lalor and move Rosemont through the permitting process into development.”