Hudbay Minerals Anticipates Robust Output Growth in H2 2023

SEATTLE (Scrap Monster): Hudbay Minerals Inc. released its second quarter 2023 financial results. The company press release noted that it is positioned for strong production growth and free cash flow generation in the second half of the year.

The company reported consolidated production of 21,715 tonnes of copper and 48,996 ounces of gold in the second quarter. The company’s net loss and loss per share were $14.9 million and $0.05, respectively during the quarter. Also, the second quarter adjusted loss per share was $0.07. Hudbay Minerals reported adjusted EBITDA of $81.2 million in Q2 2023. The cash and cash equivalents declined during the quarter to $179.7 million.

Hudbay Minerals reaffirmed full year 2023 consolidated production, cash cost and sustaining cash cost guidance for its Peru and Manitoba operations. The Peru operations produced 17,682 tonnes of copper in the second quarter. The Manitoba operations produced 35,253 ounces of gold and was impacted by the lower throughput at the Stall mill. The company plans to release an updated technical report for the recently acquired Copper Mountain Mining Corporation during Q4.

Peter Kukielski, President and Chief Executive Officer noted that the completion of transitional activities in Q2 positions the company for stronger production and improved costs during H2 2023.