Shares of Hudbay Minerals (TSX, NYSE: HBM) rose on Tuesday following the release of the company’s third quarter results, headlined by a new gold production record from Manitoba operations.

During the quarter, the Manitoba operations produced 62,468 ounces of gold.

“New Britannia continues to operate well above nameplate and budgeted throughput levels, and the Lalor mine continues to achieve better-than-expected gold grades,” Hudbay said in a news release.

The cash cost per ounce of gold produced in Manitoba was $372 in the third quarter of 2024, a decrease of 52% compared to the second quarter of 2024.

The company expects gold production in Manitoba to exceed the upper end of its 2024 guidance range of 200,000 ounces.

Total gold production from all operations reached 89,073 ounces for the quarter.

Hudbay also reported consolidated copper production of 31,354 tonnes, in line with its quarterly production cadence and representing a 10% increase over the second quarter of 2024.

The company reaffirmed its full-year 2024 consolidated production guidance for all metals.

Hudbay reported revenue of $485.8 million and operating cash flow, before changes in non-cash working capital, of $186.3 million for the third quarter of 2024.

Hudbay’s NYSE-listed shares gained 1.6% by 12:00 p.m. ET Wednesday following the Q3 2024 release, lifting the company’s market capitalization to approximately $3.4 billion.

Source: MINING.COM – Read More