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Hudbay Minerals shares rise on record revenue for 2023

Hudbay Minerals (TSX, NYSE: HBM) shares rose following the company’s announcement of record quarterly and annual revenue of $602.2 million and $1,690.0 million, respectively.

The miner unveiled its fourth-quarter and full-year 2023 financial results on Friday, reporting consolidated copper production of 45,450 tonnes and record consolidated gold production of 112,776 ounces in the fourth quarter. This was attributed to sustained higher grades at the Pampacancha deposit in Peru and the Lalor mine in Manitoba, along with contributions from the newly acquired Copper Mountain mine in British Columbia.

Hudbay reported operating cash flow before changes in non-cash working capital of $246.5 million in the fourth quarter, marking a 35% increase compared to $182.0 million in the third quarter.

The company achieved its 2023 consolidated production guidance for all metals.

In full-year 2023, copper production reached 131,691 tonnes, gold production totaled 310,429 ounces, and silver production amounted to 3,575,234 ounces. These figures represented increases of 26%, 41%, and 13%, respectively, compared to 2022.

Hudbay’s Peru operations benefited from sustained higher grades at the Pampacancha satellite pit, resulting in 33,207 tonnes of copper production and 49,418 ounces of gold production in the fourth quarter. Meanwhile, Manitoba operations achieved a quarterly record of 59,863 ounces of gold, as higher-grade gold and copper zones were mined at Lalor, and the New Britannia mill processed significantly more gold ore. British Columbia operations produced 8,508 tonnes of copper.

Shares of Hudbay Minerals rose 7% by 11:32 p.m. EDT. The miner has a market capitalization of $2.51 billion.

Source: MINING.COM – Read More