Hudbay Receives the Mine Plan of Operations for Rosemont
March 21 2019 - 7:00AM
Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) announced today that it
has received the approved Mine Plan of Operations (“MPO”) for the
Rosemont project from the U.S. Forest Service. The issuance of the
MPO is the final administrative step in the permitting process.
“Receiving the MPO is an important milestone
that completes the permitting process at Rosemont,” said Alan Hair,
Hudbay’s president and chief executive officer. “With the receipt
of the Section 404 Water Permit, an agreement to consolidate 100%
ownership and receipt of the approved MPO, Hudbay continues to move
the project forward. Rosemont is now a fully permitted,
shovel-ready copper project and we look forward to developing this
world-class asset.”
Rosemont, located in Arizona, is one of the
world’s best undeveloped copper projects delivering a 15.5%
after-tax unlevered IRR at a copper price of $3.00 per pound based
on the 2017 Feasibility Study published by Hudbay. Rosemont is
expected to produce approximately 127,000 tonnes of copper annually
at a cash cost of $1.14 per pound (net of by-product credits) over
the first 10 years of operations.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, plans to commence the development
of Rosemont and expected copper production and costs, and
investment returns from Rosemont. Forward-looking information is
not, and cannot be, a guarantee of future results or events.
Forward-looking information is based on, among other things,
opinions, assumptions, estimates and analyses that, while
considered reasonable by the company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking
information.
The material factors or assumptions that Hudbay
identified and were applied by the company in drawing conclusions
or making forecasts or projections set out in the forward-looking
information include, but are not limited to, the timing and
possible outcome of pending litigation related to the Rosemont
permits, no significant unanticipated litigation or delays to the
development of Rosemont and the availability of financing to
develop Rosemont.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), as well as the risks discussed under the
heading “Risk Factors” in Hudbay’s most recent Annual Information
Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is an integrated mining
company primarily producing copper concentrate (containing copper,
gold and silver), molybdenum concentrate and zinc metal. With
assets in North and South America, the company is focused on the
discovery, production and marketing of base and precious metals.
Directly and through its subsidiaries, Hudbay owns three
polymetallic mines, four ore concentrators and a zinc production
facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and copper projects in Arizona and Nevada (United States).
The company’s growth strategy is focused on the exploration and
development of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For further information, please contact:
Candace BrûléDirector, Investor Relations(416)
814-4387candace.brule@hudbay.com
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