Hudbay Minerals Inc.
Hudbay Minerals Inc.
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Shortages of critical mining supplies have forced Hudbay Minerals to close its Constancia openpit sulphide copper mine in Peru despite its earlier intention to keep the project operating through the national coronavirus state of emergency.
The Canadian-based diversified miner says the Peruvian govt quarantine order on March 15 allowed mining operations to continue in specific circumstances.
Lower copper-gold-silver production has seen Hudbay Minerals plunge to a $US343.8M after tax loss for the Dec 2019 year (FY/CY19) from the previous year’s $85.4M profit.
With the bulk of its commodity output down, Hudbay Mins has fallen from profit to a $343.8M loss
With its major copper-gold-silver production down, costs up and an after-tax impairment loss of $US242.1M on the carrying value of its Rosemont Copper Project in Arizona, US, Hudbay Minerals has plunged to a 9-months Sept 2019 YTD (YTD19) $342.3M loss from YTD18’s $88.9M profit.
Lower production, higher costs and a to be appealed $242M impairment, push Hudbay from profit to $343M YTD19 loss
Operations at Chinese miner MMG’s Las Bambas mine, one of Peru’s largest copper mines, will be hit by new road disruptions, with supplies blocked amid anti-mining protests, Reuters reports.
Lower copper/silver production, higher costs and $US40M+ of deferred tax adjustments/write downs have seen precious/base metals miner Hudbay Minerals’ June 2019 qtr (Q2 19) after tax net loss blow out to $US54.1M from Q1 19’s 13.4M loss.
$40M+ of deferred tax/write downs, along with lower copper/silver production, have pushed Hudbay’s Q2 19 loss out to $54.1M
Southern Hemisphere Mining’s long search for a partner for its Llahuin porphyry copper/gold project in Chile looks like starting again after copper major Hudbay Minerals withdrew from their Feb 2018 option agreement.
Hudbay had made the first two payments of the agreed $US5.8M payments over 5 years under the deal to earn 70% interest in the highly prospective project 250km N of Santiago.
Miner Hudbay Minerals will appeal a court ruling barring it from starting construction of its $US1.92B Rosemont Copper Mine, to be the 3rd biggest copper mine in the US and estimated to eventually produce 10% of domestic annual production.