The president and CEO of Hudbay said that the company executed well against its strategic priorities and generated strong earnings and cash flow.
Hudbay Minerals (TSX,NYSE:HBM) has released its third quarter 2018 financial results for the period ending September 30.
As highlighted in the press release:
- Earnings per share of US$0.09 and cash from operating activities of US$113.8 million in the third quarter of 2018.
- Achieved record mill throughput and copper recoveries at Constancia in Peru.
- Trade-off studies have been completed and Hudbay believes the refurbishment of the New Britannia mill is the optimal processing scenario for the Lalor gold and copper-gold zones in Manitoba.
- Entered into a friendly agreement to acquire Mason Resources owner of one of the largest undeveloped copper porphyry resources in North America, for an enterprise value of approximately US$15 million.
President and CEO of Hudbay, Alan Hair said:
“In Q3 we executed well against our strategic priorities and generated strong earnings and cash flow as we continued to focus on developing and operating our portfolio of high-quality assets in mining friendly jurisdictions. Record mill throughput and record copper recoveries at our Constancia mine reflected the success of optimization efforts we have been making over the past several years. We are also very encouraged by the progress we have made at Lalor, where we believe we can enhance the long-term value of the Manitoba business by refurbishing the New Britannia gold mill.”