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Plummeting zinc prices in the fourth quarter last year that lasted into the first quarter this year forced many zinc mines to shut down because they were no longer profitable. Several Canadian miners are now changing their stance. HudBay had closed the mine earlier this year because of weak zinc prices. With the price …
Plummeting zinc prices in the fourth quarter last year that lasted into the first quarter this year forced many zinc mines to shut down because they were no longer profitable. Several Canadian miners are now changing their stance.
HudBay had closed the mine earlier this year because of weak zinc prices. With the price of zinc at about $1 per pound, HudBay believes it is profitable to reopen the mine.
Higher gold prices helped HudBay Minerals Inc’s net income to soar to nearly C$ 20 million in the third quarter from C$ 2.8 million in the same period last year despite a 21.3-per cent decline in revenue to C$ 194.6 million from C$ 247.4 million.
Also looking up is the local unit of Canadian miner TVI Pacific Inc, which is to commence construction of a zinc processing facility at its copper mine in the province of Zamboanga del Norte.
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