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Mining News August 11, 2022 06:45:13 PM

Hudbay Minerals Reasserted Output Guidance, Driven by Strong Results

Paul Ploumis
ScrapMonster Author
The company reported Q2 net earnings and earnings per share of $32.1 million and $0.12 respectively.

Hudbay Minerals Reasserted Output Guidance, Driven by Strong Results

SEATTLE (Scrap Monster): Hudbay Minerals announced its second quarter 2022 financial results. Based on the strong operational performance, the company reaffirmed its full year 2022 production and operating cost guidance.

The company reported Q2 net earnings and earnings per share of $32.1 million and $0.12 respectively. The higher copper, zinc and gold sales volumes helped the company to post significantly higher adjusted EBITDA of $141.4 million in the second quarter of 2022, in comparison with the prior quarter.

ALSO READ: Hudbay Minerals Gold Output Hit New Record

Hudbay Minerals recorded strong production of 25,668 tonnes of copper and 58,645 ounces of gold in Q2 2022. The consolidated cash cost and all-in sustaining cash cost per pound of copper produced posted notable decline from Q1 this year. It generated $165.6 million of cash from operations and ended the quarter with cash of $258.6 million, said the company press release.

The strong operational performance in Peru is evident from the copper production of 20,880 tonnes. Manitoba achieved second quarter gold production of 44,787 ounces. In consistent with the mine plan, the final reserves at Hudbay’s 777 mine were depleted in June 2022. The company started closure activities to safely decommission the 777 mine during the second quarter.

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