Hudbay Minerals Inc.
Hudbay Minerals Inc.
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Canadian-based HudBay has suspended its Constancia copper porphyry mine in the SE Andes region of Peru due to incursions in its openpit area by trespassers. HudBay says, while many of the trespassers are from the Chamaca district about an hour from the mine, they have not presented specific demands.
It says the temporary shutdown is for the safety of employees and the intruders. Police are on-site and the company is working with national and local govt to try to resolve the dispute.
Record Sept 2016 qtr copper-equivalent production and continued low cash costs in both Peru and Manitoba, Canada, have seen diverse Canada-Peru miner HudBay Minerals post turnaround profit for the Sept 2016 qtr (Q3 15) of $US12.08M from a $76M loss in the 2015 period.
The result was on revenue up to $812M from $549M with payable copper, gold, silver and zinc all up.
With payable copper, gold, silver, zinc all up, Hudbay Minerals posts turnaround YTD16 $13M profit.
Explorer/developer Royal Nickel has launched a mutually agreed $C11.8M cash/shares takeover bid for fellow Canadian VMS Ventures via a plan of arrangement.
The VMS board, senior management and certain large shareholders, including HudBay Minerals, have entered into support agreements with Royal Nickel, which together represent about 38% of the outstanding shares.
Royal Nickel has launched a mutually agreed $11.8M cash/shares takeover bid for VMS Ventures and its producing Reed Lake project in Canada.
HudBay has promoted chief operating officer Alan Hair to be president-CEO following the appointment of David Garofalo to head Canadian major Goldcorp.
Hair has held a number of senior business development and operational positions since joining Hudbay in 1996, taking his current position as COO in 2012.
Canadian-based gold major Goldcorp has named Hudbay Minerals chief David A Garofalo to succeed president-CEO Chuck Jeannes, who announced he will retire following the AGM in April 2016.
Jeannes, who joined Goldcorp's predecessor company Glamis Gold nearly 17 years ago, has led the company since Jan 2007. Garofalo has presided over Hudbay's growth as a leading metals producer since 2010.
Despite a $US156M lift in revenue primarily from increased production from its 100%-owned Constancia copper-gold-silver mine in Peru after hitting commercial production at the end of April, HudBay Minerals has posted a net loss of $76M in the Sept 2015 9- months from the previous year period’s $21.6M profit.
The ramping Constancia mine in Peru lifts Hudbay Minerals prodn but not enough to avert $79M 9-months loss
Hudbay Minerals has given Ausenco the nod to begin a definitive feasibility study on the giant Rosemont copper-molybdenum-silver project in Arizona.