Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX,
NYSE:HBM) today released its third quarter 2020 financial
results. All amounts are in U.S. dollars, unless otherwise noted.
Third Quarter Operating and Financial
Results
- Delivered a solid operating quarter
with steady production and cost performance from the Manitoba and
Peru operations, including an increase in copper production over
the first two quarters of 2020 and strong gold production driven by
increased gold grades at Lalor.
- Third quarter net loss was $24.0
million or $0.09 per share. Third quarter adjusted net loss1 per
share was $0.10 and adjusted EBITDAi was $96.1 million.
- Operating cash flow before change
in non-cash working capital increased to $84.4 million in the third
quarter of 2020, from $29.5 million in the second quarter of 2020,
due to higher realized prices and increased sales volumes at
Constancia after the successful ramp up to full production.
- Cash and cash equivalents increased
during the third quarter to $449.0 million as at September 30, 2020
as a result of the net proceeds received from the refinancing of
the 2023 notes and cash generated from operations, partially offset
by capital investments in the New Britannia refurbishment project
and the company’s Peru business and interest payments.
On Track to Achieve Annual
Guidance
- Owing to the outstanding
performance from the Manitoba operations during the first three
quarters of 2020, and the steady operations at Constancia since the
eight-week suspension earlier this year, Hudbay continues to expect
to meet all production, consolidated sustaining capital
expenditures and unit cost guidance for 2020, despite ongoing
COVID-19 operating challenges.
- Fourth quarter 2020 production and
sales volumes in Manitoba will be impacted by the production
interruption at the 777 mine. With the implementation of production
mitigation plans, the company continues to expect to achieve full
year guidance for Manitoba.
Executing on Growth
Initiatives
- The New Britannia gold mill
refurbishment project is ahead of schedule and within budget, with
detailed engineering approximately 99% complete and construction
activities approximately 45% complete. Commissioning of the gold
plant is expected in mid-2021, three months earlier than originally
planned.
- Early mining of the gold zone at
Lalor is well-underway with underground development in the gold
rich lenses advancing ahead of schedule in preparation for the
mid-2021 ramp up of New Britannia. The New Britannia gold mill is
expected to increase average annual gold production from Lalor to
over 150,000 ounces commencing in 2022.
- Successfully advanced individual
land-user agreements at Pampacancha with 79% of the land turned
over to Hudbay as of September 30, 2020 (as compared to
approximately 33% as of June 30, 2020).
- Constancia North follow-up drilling
continues to intersect porphyry and skarn mineralization north of
the Constancia pit, including one intersection of 78.6 metres
grading 1.39% copper, 305 grams per tonne molybdenum, 0.43 grams
per tonne gold and 16.0 grams per tonne silver.
- Completed offering of $600.0
million of 6.125% senior notes due 2029 and redeemed all of the
outstanding $400.0 million of 7.250% senior notes due 2023.
“We continue to be pleased with the team’s
ability to maintain strong operating and financial performance
while executing on our growth initiatives,” said Peter Kukielski,
President and Chief Executive Officer. “Our Peru operations have
been successfully running at full capacity after having been
temporarily suspended in the second quarter due to
government-imposed COVID-19 restrictions, and we have maintained
positive momentum at Pampacancha. Our Manitoba operations had the
best quarterly cost performance in the last two years,
demonstrating our focus on continuous improvement initiatives and
cost control. The New Britannia project is on budget and ahead of
schedule with first gold production expected three months earlier
in 2021 than originally planned. The 777 skip incident was an
unfortunate event but we are grateful all underground personnel
were safely evacuated and we are hopeful the repairs will be
completed quickly. We are proud of our team’s achievement of
several significant milestones while adapting to the ever-changing
COVID-19 environment and focus on keeping our workforce and
communities safe during this pandemic.”
Summary of Third Quarter
Results
Consolidated copper production in the third
quarter of 2020 was 25,395 tonnes, a 41% increase from the second
quarter of 2020, primarily as a result of the successful ramp up at
Constancia after the eight-week temporary suspension from mid-March
to mid-May. Consolidated gold production decreased by 10% compared
to the second quarter of 2020 due to lower production from Manitoba
as a result of the planned maintenance at the Lalor mine in the
third quarter and the record quarterly gold production achieved in
the second quarter in Manitoba. Consolidated zinc production in the
third quarter was in line with the second quarter of 2020.
In the third quarter of 2020, consolidated cash
cost per pound of copper produced, net of by-product creditsi, was
$0.65, higher than the second quarter of 2020 when cash costs, net
of by-product credits, were more heavily impacted by the lower cash
costs in Manitoba due to the temporary Peru suspension.
Incorporating sustaining capital, capitalized exploration,
royalties, selling, administrative and regional costs, consolidated
all-in sustaining cash cost per pound of copper produced, net of
by-product creditsi, in the third quarter of 2020 was $2.25, higher
than the prior quarter due to the same factors affecting cash
costs, and higher sustaining capital expenditures.
Cash generated from operating activities in the
third quarter of 2020 increased to $77.9 million compared to $31.4
million in the second quarter of 2020. Operating cash flow before
change in non-cash working capital was $84.4 million during the
third quarter of 2020, reflecting an increase of $54.9 million
compared to the second quarter of 2020. The increase in operating
cash flow is primarily the result of increased sales volumes at
Constancia due to the ramp up to full production after the
temporary suspension, lower operating costs in Manitoba and
improved commodity prices.
Net loss and loss per share in the third quarter
of 2020 were $24.0 million and $0.09, respectively, compared to a
net loss and loss per share of $51.9 million and $0.20,
respectively, in the second quarter of 2020. During the third
quarter of 2020, Hudbay recorded a non-cash adjustment on streaming
revenues due to an amendment to the 777 mine plan leading to fewer
inferred resources expected to be mined than previously planned as
the mine nears its expected closure in 2022. The increased deferred
revenue drawdown rate, which is recalculated back to the inception
of the stream, resulted in a positive pre-tax non-cash earnings
impact of approximately $14.1 million. This was partially offset by
$7.3 million in costs primarily relating to the call premium paid
to redeem all of the outstanding $400.0 million of 7.25% senior
unsecured notes due 2023 (the “Redeemed Notes”) and a $3.8 million
write-down of unamortized transaction costs related to the Redeemed
Notes and the company’s revolving credit facilities, which were
restructured during the quarter.
Adjusted net lossi and adjusted EBITDAi in the
third quarter of 2020 were $25.4 million, or $0.10 per share, and
$96.1 million, respectively, after adjusting for the call premium
paid on the Redeemed Notes, the write-down of unamortized
transaction costs related to the Redeemed Notes and amended credit
facilities, and the non-cash adjustment on streaming revenues. This
compares to an adjusted net loss and adjusted EBITDA of $51.9
million, or $0.15 per share, and $49.1 million, respectively, in
the second quarter of 2020. The increase in adjusted EBITDA in the
third quarter of 2020 was primarily due to increased sales volumes
in Peru after the successful mine ramp up, lower operating costs in
Manitoba and higher realized prices, partially offset by lower
sales volumes in Manitoba.
Financial Condition ($000s) |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Cash
and cash equivalents |
449,014 |
391,136 |
396,146 |
Total long-term
debt |
1,175,104 |
988,418 |
985,255 |
Net debt1 |
726,090 |
597,282 |
589,109 |
Working capital |
403,441 |
260,672 |
271,284 |
Total assets |
4,590,688 |
4,498,892 |
4,461,057 |
Equity |
1,684,464 |
1,706,303 |
1,848,123 |
1 Net debt is a non-IFRS financial performance
measure with no standardized definition under IFRS. For further
information, please see the “Non-IFRS Financial Reporting Measures”
section of this news release. |
|
Consolidated Financial Performance |
|
Three Months Ended |
|
|
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Revenue |
$000s |
316,108 |
|
208,913 |
|
291,282 |
|
Cost of sales |
$000s |
276,830 |
|
221,567 |
|
260,327 |
|
Earnings (loss) before tax |
$000s |
(23,944 |
) |
(74,604 |
) |
(348,367 |
) |
Earnings (loss) |
$000s |
(23,955 |
) |
(51,901 |
) |
(274,796 |
) |
Basic and diluted earnings (loss) per share |
$/share |
(0.09 |
) |
(0.20 |
) |
(1.05 |
) |
Adjusted earnings (loss) per share1 |
$/share |
(0.10 |
) |
(0.15 |
) |
(0.09 |
) |
Operating cash flow before change in non-cash working capital |
$
millions |
84.4 |
|
29.5 |
|
71.2 |
|
Adjusted EBITDA1 |
$ millions |
96.1 |
|
49.1 |
|
76.2 |
|
1 Adjusted loss per share and adjusted EBITDA are non-IFRS
financial performance measures with no standardized definition
under IFRS. For further information, please see the “Non-IFRS
Financial Reporting Measures” section of this news release. |
|
Consolidated Operational Performance |
|
Three Months Ended |
|
|
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Contained metal in concentrate
produced1 |
|
|
|
|
Copper |
tonnes |
25,395 |
18,026 |
36,422 |
Gold |
ounces |
29,277 |
32,614 |
28,319 |
Silver |
ounces |
671,685 |
580,817 |
924,191 |
Zinc |
tonnes |
30,570 |
31,222 |
28,639 |
Molybdenum |
tonnes |
392 |
124 |
262 |
Precious metals2 |
ounces |
36,824 |
39,140 |
41,522 |
Payable metal in concentrate sold |
|
|
|
|
Copper |
tonnes |
25,903 |
15,951 |
29,916 |
Gold |
ounces |
30,605 |
30,590 |
25,488 |
Silver |
ounces |
705,495 |
541,785 |
756,296 |
Zinc3 |
tonnes |
26,520 |
27,604 |
29,140 |
Molybdenum |
tonnes |
313 |
120 |
334 |
Precious metals2 |
ounces |
38,532 |
36,677 |
36,292 |
Cash cost4 |
$/lb |
0.65 |
0.29 |
0.71 |
All-in sustaining cash cost4 |
$/lb |
2.25 |
1.91 |
1.69 |
1 Metal reported in concentrate is prior to deductions associated
with smelter contract terms. 2 Precious metals production includes
gold and silver production on a gold-equivalent basis. For 2019,
silver is converted to gold at a ratio of 70:1. For 2020, silver is
converted to gold at a ratio of 89:1. 3 Includes refined zinc metal
sold. 4 Cash cost and all-in sustaining cash cost per pound of
copper produced, net of by-product credits, are non-IFRS financial
performance measures with no standardized definition under IFRS.
For further information, please see the “Non-IFRS Financial
Reporting Measures” section of this news release. |
|
Peru Operations Review
|
Three Months Ended |
|
|
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Ore mined1 |
tonnes |
8,455,668 |
2,775,286 |
8,413,367 |
Copper |
% |
0.31 |
0.34 |
0.44 |
Gold |
g/tonne |
0.03 |
0.04 |
0.05 |
Silver |
g/tonne |
2.55 |
2.90 |
3.93 |
Molybdenum |
% |
0.02 |
0.02 |
0.02 |
Ore milled |
tonnes |
7,480,655 |
4,355,482 |
8,240,344 |
Copper |
% |
0.33 |
0.34 |
0.44 |
Gold |
g/tonne |
0.03 |
0.04 |
0.04 |
Silver |
g/tonne |
2.68 |
3.04 |
3.76 |
Molybdenum |
% |
0.02 |
0.01 |
0.02 |
Copper recovery |
% |
83.3 |
76.6 |
86.0 |
Gold recovery |
% |
51.6 |
43.4 |
48.3 |
Silver recovery |
% |
66.7 |
59.6 |
68.9 |
Molybdenum recovery |
% |
30.4 |
19.9 |
20.2 |
Contained metal in concentrate |
|
|
|
Copper |
tonnes |
20,803 |
11,504 |
31,091 |
Gold |
ounces |
3,333 |
2,311 |
5,565 |
Silver |
ounces |
430,208 |
253,687 |
686,258 |
Molybdenum |
tonnes |
392 |
124 |
262 |
Precious metals2 |
ounces |
8,167 |
5,161 |
15,369 |
Payable metal sold |
|
|
|
Copper |
tonnes |
21,654 |
9,023 |
25,314 |
Gold |
ounces |
3,753 |
1,317 |
3,858 |
Silver |
ounces |
433,595 |
242,519 |
529,139 |
Molybdenum |
tonnes |
313 |
120 |
334 |
Combined unit operating cost3,4 |
$/tonne |
9.85 |
7.77 |
8.63 |
Cash cost4 |
$/lb |
1.54 |
1.31 |
1.06 |
Sustaining cash cost4 |
$/lb |
2.29 |
1.84 |
1.53 |
1 Reported tonnes and grade for ore mined are estimates based on
mine plan assumptions and may not reconcile fully to ore milled. 2
Precious metals production includes gold and silver production on a
gold-equivalent basis. For 2019, silver is converted to gold at a
ratio of 70:1. For 2020, silver is converted to gold at a ratio of
89:1. 3 Reflects combined mine, mill and general and administrative
(“G&A”) costs per tonne of ore milled. Reflects the deduction
of expected capitalized stripping costs. 4 Combined unit cost, cash
cost and sustaining cash cost are non-IFRS financial performance
measures with no standardized definition under IFRS. For further
information, please see the “Non-IFRS Financial Reporting Measures”
section of this news release. |
|
The Constancia team has demonstrated strong
operating performance in an environment of strict COVID-19 measures
and controls. Hudbay works collaboratively with the health
authorities to ensure its workforce and partners adhere to the
company’s COVID-19 protocols while continuing to operate safely and
efficiently.
During the quarter, the Constancia mine produced
20,803 tonnes of copper, 8,167 ounces of precious metals and 392
tonnes of molybdenum. Production results were significantly higher
than the second quarter of 2020 as a result of the ramp-up to full
production after the temporary suspension of operations until
mid-May.
The ramp-up also resulted in a significant
increase in ore milled during the third quarter at Constancia
compared to the second quarter of 2020. Compared to the same period
in 2019, ore milled was 9% lower due to a deferred plant
maintenance shutdown in August, which typically occurs in the
second and fourth quarters, as previously disclosed, as well as
lower throughput caused by increased ore hardness. Milled copper
grades in the third quarter were slightly lower than the second
quarter of 2020, in line with the mine plan. Copper recoveries in
the third quarter were higher than the second quarter of 2020 due
to the processing of stockpile ore after the mill ramp-up in the
second quarter.
Combined mine, mill and G&A unit operating
costsi in the third quarter of 2020 were higher than the second
quarter of 2020, primarily due to abnormally low operating costs
during the second quarter as a result of the processing of
stockpile ore after the mill ramp up. Unit operating costs in the
quarter were within the guidance range for 2020.
Peru’s cash cost per pound of copper produced,
net of by-product credits, for the three months ended September 30,
2020 was $1.54, higher than the previous quarter primarily due to
higher operating costs, as described above, and lower grades.
Peru’s sustaining cash cost per pound of copper produced, net of
by-product credits, for the three months ended September 30, 2020
also increased compared to the prior quarter primarily due to the
same factors affecting cash cost as well as accelerated sustaining
capital spending following a full ramp up of operations to normal
levels in early July 2020 at Constancia.
Production of all metals and unit operating
costs at Constancia are expected to be in line with the revised
full year guidance for 2020 that was released with second quarter
results.
Manitoba Operations Review
|
Three Months Ended |
|
|
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Lalor ore mined |
tonnes |
357,213 |
|
407,408 |
|
346,456 |
|
Copper |
% |
0.66 |
|
0.77 |
|
0.68 |
|
Zinc |
% |
5.98 |
|
6.05 |
|
6.16 |
|
Gold |
g/tonne |
2.28 |
|
2.64 |
|
2.21 |
|
Silver |
g/tonne |
21.23 |
|
28.40 |
|
25.56 |
|
777 ore mined |
tonnes |
264,905 |
|
281,890 |
|
273,319 |
|
Copper |
% |
0.98 |
|
1.72 |
|
1.33 |
|
Zinc |
% |
3.95 |
|
4.13 |
|
3.01 |
|
Gold |
g/tonne |
2.01 |
|
1.91 |
|
1.63 |
|
Silver |
g/tonne |
24.25 |
|
25.73 |
|
15.42 |
|
Stall Concentrator: |
|
|
|
Ore milled |
tonnes |
335,739 |
|
334,601 |
|
318,539 |
|
Copper |
% |
0.68 |
|
0.76 |
|
0.64 |
|
Zinc |
% |
6.11 |
|
6.16 |
|
6.22 |
|
Gold |
g/tonne |
2.35 |
|
2.70 |
|
2.12 |
|
Silver |
g/tonne |
22.08 |
|
28.72 |
|
25.16 |
|
Copper recovery |
% |
84.0 |
|
86.6 |
|
84.4 |
|
Zinc recovery |
% |
92.7 |
|
92.4 |
|
91.8 |
|
Gold recovery |
% |
57.4 |
|
62.3 |
|
54.3 |
|
Silver recovery |
% |
57.5 |
|
62.1 |
|
57.4 |
|
Flin Flon Concentrator: |
|
|
|
Ore milled |
tonnes |
322,156 |
|
324,906 |
|
331,216 |
|
Copper |
% |
0.99 |
|
1.52 |
|
1.22 |
|
Zinc |
% |
4.07 |
|
4.41 |
|
3.64 |
|
Gold |
g/tonne |
1.99 |
|
1.99 |
|
1.74 |
|
Silver |
g/tonne |
24.01 |
|
25.56 |
|
17.36 |
|
Copper recovery |
% |
83.9 |
|
87.3 |
|
89.1 |
|
Zinc recovery |
% |
87.9 |
|
84.9 |
|
86.7 |
|
Gold recovery |
% |
55.3 |
|
58.6 |
|
59.1 |
|
Silver recovery |
% |
42.0 |
|
50.7 |
|
48.7 |
|
Total contained metal in concentrate |
|
|
|
|
|
|
Copper |
tonnes |
4,592 |
|
6,522 |
|
5,331 |
|
Zinc |
tonnes |
30,570 |
|
31,222 |
|
28,639 |
|
Gold |
ounces |
25,994 |
|
30,303 |
|
22,754 |
|
Silver |
ounces |
241,477 |
|
327,130 |
|
237,933 |
|
Precious metals1 |
ounces |
28,657 |
|
33,979 |
|
26,153 |
|
Total payable metal sold |
|
|
|
Copper |
tonnes |
4,249 |
|
6,928 |
|
4,602 |
|
Zinc2 |
tonnes |
26,520 |
|
27,604 |
|
29,140 |
|
Gold |
ounces |
26,852 |
|
29,273 |
|
21,630 |
|
Silver |
ounces |
271,900 |
|
299,266 |
|
227,157 |
|
Combined unit operating cost3,4 |
C$/tonne |
126 |
|
135 |
|
130 |
|
Cash cost4 |
$/lb |
(3.41 |
) |
(1.52 |
) |
(1.31 |
) |
Sustaining cash cost4 |
$/lb |
0.83 |
|
1.15 |
|
2.15 |
|
1 Precious metals production includes gold and silver production on
a gold-equivalent basis. For 2019, silver is converted to gold at a
ratio of 70:1. For 2020, silver is converted to gold at a ratio of
89:1. 2 Includes refined zinc metal sold and payable zinc in
concentrate sold. 3 Reflects combined mine, mill and G&A costs
per tonne of ore milled. 4 Combined unit cost, cash cost and
sustaining cash cost are non-IFRS financial performance measures
with no standardized definition under IFRS. For further
information, please see the “Non-IFRS Financial Reporting Measures”
section of this news release. |
|
|
|
|
|
|
|
|
The Manitoba business unit had solid operating
performance across the mines, mills and zinc plant during the third
quarter. In the face of the ongoing COVID-19 pandemic, the controls
that were developed in the early part of the year have been
maintained and the company’s health and safety committees have
continued to work collaboratively with local health units with a
focus on keeping employees and communities safe.
Production during the quarter included 30,570
tonnes of zinc, 4,592 tonnes of copper and 28,657 ounces of
precious metals. Production results were slightly lower compared to
the previous quarter primarily due to lower head grades and planned
maintenance at the Lalor mine during the third quarter.
Operational performance during the third quarter
at both Lalor and 777 was strong, with ore production generally in
line with the same period in 2019 and grades at both mines
remaining in line with the mine plan. At Lalor, a two-week planned
maintenance program was completed on schedule, and the company
achieved a third quarter production rate averaging 4,600 tonnes per
day outside of the maintenance period. The 777 mine maintained
consistent and stable performance during the third quarter as it
approaches its planned closure in 2022.
Operational readiness activities in support of
the early start-up of New Britannia are on track, including
ensuring that a sufficient and consistent volume of gold ore will
be available. Underground development at Lalor in gold-rich lenses
25 and 27 is advancing ahead of schedule in preparation for the
mid-2021 start-up of New Britannia, which is three months earlier
than originally planned. Mining of the first stope in lens 27 was
completed in September and the trend of increased precious metal
production from Lalor is expected to continue.
At the Stall concentrator, ore processed during
the third quarter of 2020 was in line with the second quarter, as
both periods had planned outages for capital upgrades. Although
lower than the first half of 2020, the trend of improved gold
recoveries has continued compared to the same periods in 2019 due
to improved ore characteristics and numerous operational
improvement projects implemented at the Stall mill. At the Flin
Flon concentrator, ore processed during the third quarter slightly
decreased by 1% compared to the second quarter.
Combined mine, mill and G&A unit operating
costs in the third quarter decreased by 7% compared to the second
quarter of 2020 primarily due to lower operating costs. Manitoba’s
combined unit costs are expected to be within the guidance range
for the full year 2020.
Manitoba’s cash cost per pound of copper
produced, net of by-product credits, for the third quarter of 2020
was negative $3.41. These costs were significantly lower compared
to the second quarter of 2020, primarily as a result of higher
by-product credits and lower mining costs, partially offset by
lower copper production. Manitoba’s sustaining cash cost per pound
of copper produced, net of by-product credits, in the third quarter
of 2020 was $0.83, lower than the previous quarter due to the
reasons listed above, slightly offset by increased sustaining
capital expenditures.
COVID-19 Business Update
Amidst the COVID-19 pandemic, Hudbay’s business
response plan continued to be executed throughout the quarter, as
the company adapts to this fluid environment. The focus remained on
the health and safety of Hudbay’s workforce and families, and the
communities in which the company operates. The evolution of the
pandemic has been closely monitored in each of the regions Hudbay
operates in and the company is continuously reviewing and adapting
procedures based on the latest local situation. Peru currently
ranks in the top fifteen countries worldwide in terms of the total
number of infections. Arequipa and Cusco, where 80% of Constancia’s
workforce resides, continue to see a high COVID-19 case count. The
province of Manitoba has seen a recent increase in COVID-19 cases,
including a growing number of cases in northern Manitoba.
Hudbay’s business units have developed
site-specific measures intended to identify and limit COVID-19
exposure and transmission and maintain a safe environment for
workers and communities. Site-specific measures include testing of
incoming workers prior to their travel to site, pre-screening
protocols, quarantine periods for incoming workers, workplace
physical distancing protocols, and adjustment of work rotation
schedules. These measures continue to evolve as the status of the
pandemic changes in each of the regions in which the company
operates with measures being adapted to the regional health
authorities’ latest restrictions and guidelines.
Hudbay believes the most important way the
company can support the communities in which it operates is to
manage safe operations, which provide income for local employees,
businesses, and communities. While the company has had members of
its workforce contract COVID-19, to date there have been no
identified cases of transmission within its workplaces, or
transmission between rotational employees and local communities.
The company believes that its diligence in screening and testing,
and workplace protocols have been effective in achieving the
objective of being a safe employer and neighbour. In addition to
the company’s efforts to maintain safe operations, it has been
supporting public health efforts and providing COVID-19 relief
funding, supplies and services to neighbouring communities.
777 Operations Update
Production at the 777 mine was temporarily
suspended due to an incident that occurred on October 9th during
routine maintenance of the hoist rope and skip. The hoist rope
detached from the skip, causing the skip to fall to the bottom of
the shaft. All underground personnel were safely evacuated from the
mine using the secondary ramp access.
A preliminary video inspection of the mine shaft
indicates that damage is limited to the headframe and the bottom of
the shaft in the skip compartment. It does not appear that the cage
compartments or the ore loading area were damaged, and the
structural integrity of the shaft does not appear to have been
compromised by the incident. A full inspection of the shaft and
skip compartment will require an in-person inspection, which is
underway.
Underground mining activity has resumed at 777
with limited production from the mine’s ramp access. If it is
confirmed there is no further damage beyond what has been
identified to date, it is expected that the 777 shaft could resume
full production in December at a repair cost that is not expected
to exceed $5.0 million.
While fourth quarter production and sales
volumes will be impacted, the company is implementing production
mitigation plans. Based on the preliminary video inspection and
mitigation plans, the company continues to expect the Manitoba
business unit to achieve its full year production and unit cost
guidance for 2020.
Lalor Mine and the New Britannia Mill
Refurbishment Update
The New Britannia refurbishment project is ahead
of schedule and on budget. Overall project progress is
approximately 64% complete, which includes the completion of 99% of
detailed engineering, 98% of project procurement and 45% of
construction. Commissioning of the gold plant is expected in
mid-2021, three months earlier than planned. Construction of the
new copper flotation building continues to advance as planned and
is on track to have the external structure fully enclosed before
winter. Construction of the pipeline between the New Britannia and
Stall mills also continues as planned.
As previously disclosed, Hudbay has identified
the potential to produce gold from the New Britannia mill earlier
in 2021 than originally expected. The refurbishment activities at
the gold plant are ahead of schedule and commissioning of the gold
plant is now expected in mid-2021, followed by ramp-up and first
production in the third quarter of 2021. Copper flotation building
construction activities continue to be on track for completion in
August 2021, with commissioning and ramp-up expected during the
second half of 2021. While the copper flotation building is being
constructed, the company plans to install modular flotation cells
at the gold plant to optimize copper recoveries as the company
starts early processing of gold and copper-gold ores. The impact of
the early gold production from the New Britannia mill continues to
be evaluated and will be reflected in the company’s annual
production guidance update in early 2021.
Hudbay continues with the early mining of the
gold zone at Lalor as part of stope sequencing in preparation for
the start of the New Britannia gold mill. Once the New Britannia
mill is ramped-up, average annual gold production from Lalor is
expected to increase to over 150,000 ounces commencing in 2022 at
cash costs and sustaining cash costs, net of by-product credits, of
approximately $480 and $655 per ounce, respectively, during the
first eight years of the gold plant's operation.
Pampacancha Update
The company completed the Pampacancha surface
rights agreement with the local community of Chilloroya in February
2020. Since that time, the company has made significant progress on
completing the Pampacancha individual land-user agreements and, as
of September 30, 2020, approximately 79% of the land has been
vacated and turned over to Hudbay (as compared to approximately one
third as of June 30, 2020). During the first nine months of 2020,
the company accrued approximately $95.9 million in growth spending
in Peru relating to obligations under the local community surface
rights agreement and the individual land-user agreements. As
previously disclosed, the company’s initial growth capital guidance
for Peru of $70.0 million did not include the cost of the
individual land user agreements due to the ongoing nature of the
negotiations and, as indicated by accrued expenditures to date,
full year growth capital spending for Peru will exceed that initial
guidance once all land user agreements are concluded. As stated in
Hudbay’s second quarter results, the Consulta Previa consultation
process has been impacted by the Peruvian government declared state
of emergency, and as a result, the company expects a Pampacancha
production start date of early 2021.
Constancia Regional
Exploration
Constancia North Drilling
Hudbay has recently completed a follow-up drill
program at Constancia North to continue to test a possible
extension of copper porphyry and high-grade skarn mineralization
occurring within 300 metres of the northern edge of the current
Constancia pit. The drill program was a follow-up to the drill
intersections announced on March 30, 2020 and continued to
intersect both skarn and porphyry mineralization as shown in the
table below. Most of the drill holes intersected mineralization
located along a southeast-northwest trending regional fault. The
location of the intersections is shown in Figure 1. The results
will be evaluated and integrated into the annual mineral reserve
and resource estimate update for Constancia at the end of the first
quarter of 2021.
Hole ID1 |
From |
To |
Intercept |
Estimated True Thickness2 |
Cu3 |
Mo3 |
Au3,4 |
Ag3 |
Mineralization Type |
(m) |
(m) |
(m) |
(m) |
(%) |
(g/t) |
(g/t) |
(g/t) |
CO-19-306 |
368.0 |
408.6 |
40.6 |
39.3 |
0.52 |
42.4 |
0.79 |
17.9 |
Porphyry |
CO-19-307 (top) |
42.0 |
64.0 |
22.0 |
20.5 |
0.19 |
26.1 |
0.03 |
3.5 |
Porphyry |
CO-19-307 (bottom) |
400.0 |
408.0 |
8.0 |
7.3 |
0.60 |
10.8 |
0.08 |
6.9 |
Porphyry |
CO-19-308 |
35.0 |
57.0 |
22.0 |
21.3 |
0.24 |
23.7 |
0.07 |
2.0 |
Porphyry |
CO-19-309 |
70.0 |
92.3 |
22.3 |
21.0 |
0.27 |
9.0 |
0.19 |
9.7 |
Porphyry |
CO-19-310 |
263.0 |
361.0 |
98.0 |
91.9 |
1.10 |
27.9 |
0.08 |
5.9 |
Skarn |
CO-19-311 |
90.3 |
118.0 |
27.7 |
23.6 |
0.54 |
4.3 |
0.45 |
11.8 |
Porphyry |
CO-20-313 |
116.5 |
125.0 |
8.5 |
7.6 |
0.63 |
4.5 |
1.04 |
11.5 |
Porphyry |
CO-20-314 |
7.3 |
100.0 |
92.7 |
89.4 |
0.16 |
89.9 |
0.02 |
1.2 |
Porphyry |
CO-20-315 |
19.0 |
87.9 |
68.9 |
67.1 |
0.30 |
99.2 |
0.02 |
3.9 |
Porphyry |
CO-20-316 (top) |
136.0 |
187.0 |
51.0 |
48.0 |
0.22 |
363.7 |
0.02 |
2.4 |
Skarn |
CO-20-316 (bottom) |
208.1 |
291.7 |
83.6 |
78.6 |
1.39 |
305.0 |
0.43 |
16.0 |
Skarn |
CO-20-319 |
193.0 |
252.0 |
59.0 |
58.7 |
0.21 |
52.2 |
0.35 |
9.9 |
Skarn |
CO-20-320 (top) |
19.3 |
103.9 |
84.6 |
79.7 |
0.19 |
39.0 |
0.03 |
2.8 |
Skarn |
CO-20-320 (bottom) |
143.5 |
231.0 |
87.5 |
81.8 |
0.29 |
30.5 |
0.03 |
2.9 |
Skarn |
CO-20-321 (top) |
118.0 |
151.0 |
33.0 |
30.9 |
0.21 |
84.3 |
0.02 |
2.6 |
Skarn |
CO-20-321 (bottom) |
181.0 |
234.0 |
53.0 |
49.5 |
0.61 |
42.9 |
0.05 |
7.4 |
Skarn |
CO-20-322 (top) |
0.0 |
65.0 |
65.0 |
62.9 |
0.25 |
171.9 |
0.02 |
1.8 |
Porphyry |
CO-20-322 (bottom) |
99.0 |
197.0 |
98.0 |
94.1 |
0.31 |
103.9 |
0.03 |
6.1 |
Porphyry |
CO-20-324 |
4.0 |
175.6 |
171.6 |
165.1 |
0.29 |
61.8 |
0.03 |
2.9 |
Porphyry |
CO-20-325 |
0.0 |
15.0 |
15.0 |
14.5 |
0.80 |
38.2 |
0.09 |
4.3 |
Skarn |
CO-20-326 |
0.0 |
16.3 |
16.3 |
15.9 |
0.85 |
24.9 |
0.10 |
4.8 |
Skarn |
CO-07-1095 |
305.0 |
348.0 |
43.0 |
37.2 |
1.54 |
59.7 |
0.23 |
9.1 |
Skarn |
CO-08-2155 (top) |
20.1 |
59.8 |
39.7 |
37.2 |
0.24 |
4.5 |
0.24 |
12.6 |
Porphyry |
CO-08-2155 (bottom) |
217.3 |
346.0 |
128.7 |
123.3 |
0.82 |
37.0 |
0.05 |
13.6 |
Skarn |
1 For details relating to the coordinates of each
drill hole, please refer to the data table in the “Additional Drill
Hole Information” section of this news release. 2 True width
estimates are based on the current knowledge and interpretation of
skarn mineralization geometry. 3 Specific gravity results are
pending - assay results are length weighted. 4 Gold values capped
at 10 g/t. 5 Historical drill results from 2007 and 2008. |
|
Other Regional Exploration
Hudbay’s patient and consistent approach to
community negotiations has proven successful, demonstrating strong
relationships with the neighbouring communities near Constancia and
positioning the company well to gain access to other regional
growth targets in Peru. After reaching an exploration agreement
with the Quehuincha community in early 2019 and subsequently
completing the Consulta Previa process, Hudbay has commenced site
preparation work and expects to start a drill program on the
Quehuincha North high-grade skarn target in November.
Rosemont Update
The appeal of the unprecedented Rosemont court
decision continues to advance. After Hudbay and the U.S. government
filed their respective initial briefs in June 2020 with the U.S.
Court of Appeals for the Ninth Circuit in relation to the U.S.
District Court for the District of Arizona’s decision in July 2019,
the plaintiffs filed their briefs in September. Hudbay and the U.S.
government expect to file their final briefs in November. A final
decision in the appeal process is expected in late 2021.
In October 2020, Hudbay commenced a drilling
program on its wholly owned private land located in a historic
mining district, called Helvetia, near its Rosemont project in
Arizona. The focus of the program is two-fold: to complete
condemnation drilling in the areas planned for power and water
lines for Rosemont, and to test the Helvetia copper district for
future exploration potential. The company will provide further
updates as appropriate.
Senior Unsecured Notes
Refinancing
On September 23, 2020, the company completed the
offering of $600.0 million aggregate principal amount of 6.125%
senior notes due April 2029 (the "New Notes"). The New Notes are
governed by an indenture, dated as of September 23, 2020, among the
company, the subsidiaries of the company party thereto as
guarantors and U.S. Bank National Association, as trustee.
The proceeds from this offering were primarily
used to redeem all $400.0 million of the outstanding 7.250%
Redeemed Notes, including the payment of accrued and unpaid
interest, a call premium of $7.3 million, and transaction costs
associated with the New Notes.
Non-IFRS Financial Performance
Measures
Adjusted net earnings (loss), adjusted net
earnings (loss) per share, adjusted EBITDA, net debt, cash cost,
sustaining and all-in sustaining cash cost per pound of copper
produced, and combined unit cost are non-IFRS performance measures.
These measures do not have a meaning prescribed by IFRS and are
therefore unlikely to be comparable to similar measures presented
by other issuers. These measures should not be considered in
isolation or as a substitute for measures prepared in accordance
with IFRS and are not necessarily indicative of operating profit or
cash flow from operations as determined under IFRS. Other companies
may calculate these measures differently.
Hudbay believes adjusted net earnings (loss) and
adjusted net earnings (loss) per share better reflect the company’s
performance for the current period and are better indications of
its expected performance in future periods. These measures are used
internally by the company to evaluate the performance of its
underlying operations and to assist with its planning and
forecasting of future operating results. As such, the company
believes these measures are useful to investors in assessing the
company’s underlying performance. The company provides adjusted
EBITDA to help users analyze its results and to provide additional
information about the company’s ongoing cash generating potential
in order to assess its capacity to service and repay debt, carry
out investments and cover working capital needs. Net debt is shown
because it is a performance measure used by the company to assess
its financial position. Cash cost, sustaining and all-in sustaining
cash cost per pound of copper produced are shown because the
company believes they help investors and management assess the
performance of its operations, including the margin generated by
the operations and the company. Combined unit cost is shown because
the company believes it helps investors and management assess the
cost structure and margins that are not impacted by variability in
by-product commodity prices.
In the first half of 2020, a government-imposed
shutdown of non-essential businesses led to a temporary suspension
of the Constancia mining operations. As such, fixed overhead
production costs incurred during the suspension were directly
charged to cost of sales. These costs did not contribute to
production of inventory and were therefore excluded from the
calculations of adjusted net earnings (loss), adjusted EBITDA and
cash costs.
Effective September 30, 2020 and for all
comparably disclosed periods, Hudbay has included the period’s
deferred revenue amortization as a by-product credit to reflect the
net cost of producing and selling the period’s precious metals
under its streaming arrangements as it believes doing so allows
management and the company’s investors to better evaluate the
operating performance of the underlying operations as compared to
its peers. The variable consideration adjustment required under
IFRS 15 related to prior periods is not included as a by-product
credits in the current period and hence is disclosed as an
adjustment in the non-IFRS cash cost measure reconciliation.
For further details on these measures, including
reconciliations to the most comparable IFRS measures, please refer
to page 42 of Hudbay’s management’s discussion and analysis for the
three and nine months ended September 30, 2020 available on SEDAR
at www.sedar.com.
Website Links
Hudbay:
www.hudbay.com
Management’s Discussion and Analysis:
http://www.hudbayminerals.com/files/doc_financials/2020/Q3/MDA203.pdf
Financial Statements:
http://www.hudbayminerals.com/files/doc_financials/2020/Q3/FS203.pdf
Conference Call and Webcast
Date: |
Wednesday,
November 4, 2020 |
Time: |
8:30 a.m.
ET |
Webcast: |
http://services.choruscall.ca/links/hudbay20201104.html |
Dial
in: |
1-416-915-3239 or 1-800-319-4610 |
|
|
Qualified Person
The technical and scientific information in this
news release related to the Constancia mine and Rosemont project
has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice
President and Chief Operating Officer. The technical and scientific
information related to the company’s other material mineral
projects contained in this news release has been approved by
Olivier Tavchandjian, P. Geo, Hudbay’s Vice-President Exploration
and Geology. Messrs. Meagher and Tavchandjian are qualified persons
pursuant to NI 43-101. For a description of the key assumptions,
parameters and methods used to estimate mineral reserves and
resources at Hudbay’s material properties, as well as data
verification procedures and a general discussion of the extent to
which the estimates of scientific and technical information may be
affected by any known environmental, permitting, legal title,
taxation, sociopolitical, marketing or other relevant factors,
please see the technical reports for the company’s material
properties as filed by Hudbay on SEDAR at www.sedar.com.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. All information contained in this
news release, other than statements of current and historical fact,
is forward-looking information. Often, but not always,
forward-looking information can be identified by the use of words
such as “plans”, “expects”, “budget”, “guidance”, “scheduled”,
“estimates”, “forecasts”, “strategy”, “target”, “intends”,
“objective”, “goal”, “understands”, “anticipates” and “believes”
(and variations of these or similar words) and statements that
certain actions, events or results “may”, “could”, “would”,
“should”, “might” “occur” or “be achieved” or “will be taken” (and
variations of these or similar expressions). All of the
forward-looking information in this news release is qualified by
this cautionary note.
Forward-looking information includes, but is not
limited to, production, cost and capital and exploration
expenditure guidance and potential revisions to such guidance,
anticipated production at Hudbay’s mines and processing facilities,
expectations regarding the impact of the COVID-19 pandemic on the
company’s operations, financial condition and prospects, the
ability to complete the shaft inspection activities at 777 in the
anticipated timeframe, the ability to identify the extent of any
damage to the 777 mine shaft, the expected timeline and costs to
complete repairs at the 777 mine, the ability to continue
production and use of the 777 mine′s ramp access as a temporary
substitute to the shaft, the expected timeline to resume full
production at 777, expectations regarding the timing of mining
activities at the Pampacancha deposit and the related capital
expenditures, the anticipated timing, cost and benefits of
developing the Rosemont project and the outcome of litigation
challenging Rosemont's permits, expectations regarding the Lalor
gold strategy, including the refurbishment of the New Britannia
mill and the potential to increase 2021 gold production, the
possibility of converting inferred mineral resource estimates to
higher confidence categories, the potential and anticipated plans
for advancing the mining properties surrounding Constancia and the
Mason project, anticipated mine plans, anticipated metals prices
and the anticipated sensitivity of the company’s financial
performance to metals prices, events that may affect its operations
and development projects, anticipated cash flows from operations
and related liquidity requirements, the anticipated effect of
external factors on revenue, such as commodity prices, estimation
of mineral reserves and resources, mine life projections,
reclamation costs, economic outlook, government regulation of
mining operations, and business and acquisition strategies.
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 ability to continue to operate
safely and at full capacity during the COVID-19 pandemic;
- the outcome of the inspections at
the 777 mine, the ability and cost to remedy the damage and resume
production at the 777 mine and the ability to mitigate production
while the 777 shaft is not operating;
- the ability to achieve production
and unit cost guidance;
- no significant interruptions to the
company’s operations or significant delays to its development
projects in Manitoba and Peru due to the COVID-19 pandemic;
- the timing of development and
production activities on the Pampacancha deposit;
- the timing of the Consulta Previa
and permitting process for mining the Pampacancha deposit;
- the timing for reaching additional
agreements with individual community members and no significant
unanticipated delays to the development of Pampacancha;
- the successful completion of the
New Britannia project on budget and on schedule;
- the successful outcome of the
Rosemont litigation;
- the success of mining, processing,
exploration and development activities;
- the scheduled maintenance and
availability of the processing facilities;
- the accuracy of geological, mining
and metallurgical estimates;
- anticipated metals prices and the
costs of production;
- the supply and demand for metals
the company produces;
- the supply and availability of all
forms of energy and fuels at reasonable prices;
- no significant unanticipated
operational or technical difficulties;
- the execution of the company’s
business and growth strategies, including the success of its
strategic investments and initiatives;
- the availability of the revolving
credit facilities and additional financing, if needed;
- the ability to complete project
targets on time and on budget and other events that may affect the
company’s ability to develop its projects;
- the timing and receipt of various
regulatory and governmental approvals;
- the availability of personnel for
the exploration, development and operational projects and ongoing
employee relations;
- maintaining good relations with the
labour unions that represent certain of the company’s employees in
Manitoba and Peru;
- maintaining good relations with the
communities in which the company operates, including the
neighbouring Indigenous communities;
- no significant unanticipated
challenges with stakeholders at Hudbay’s various projects;
- no significant unanticipated events
or changes relating to regulatory, environmental, health and safety
matters;
- no contests over title to the
company’s properties, including as a result of rights or claimed
rights of Indigenous peoples or challenges to the validity of the
company’s unpatented mining claims;
- the timing and possible outcome of
pending litigation and no significant unanticipated
litigation;
- certain tax matters, including, but
not limited to current tax laws and regulations and the refund of
certain value added taxes from the Canadian and Peruvian
governments; and
- no significant and continuing
adverse changes in general economic conditions or conditions in the
financial markets (including commodity prices and foreign exchange
rates).
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 associated with the
COVID-19 pandemic and its effect on Hudbay’s operations, financial
condition, projects and prospects, the possibility of a global
recession arising from the COVID-19 pandemic and attempts to
control it, the state of emergency and political situation in Peru
and risks associated with the resumption of operations at
Constancia, risks associated with the company’s access to capital,
including the negative impact of low metal prices on credit
facility availability, risks generally associated with the mining
industry, such as economic factors (including future commodity
prices, currency fluctuations, energy prices and general cost
escalation), uncertainties related to the development and operation
of the company’s projects (including risks associated with the
litigation affecting the Rosemont project), risks related to the
U.S. district court's recent decisions to set aside the U.S. Forest
Service's FROD and the Biological Opinion for Rosemont and related
appeals and other legal challenges, risks related to the new Lalor
mine plan, including the schedule for the refurbishment of the New
Britannia mill and the ability to convert inferred mineral resource
estimates to higher confidence categories, risks related to the
schedule for mining the Pampacancha deposit (including risks
associated with COVID-19, the Consulta Previa process, risks
associated with reaching additional agreements with individual
community members and risks associated with the rainy season in
Peru and the impact of any schedule delays), dependence on key
personnel and employee and union relations, risks related to
political or social unrest or change, risks in respect of
Indigenous and community relations, rights and title claims,
operational risks and hazards, including the cost of maintaining
and upgrading the company's tailings management facilities and any
unanticipated environmental, industrial and geological events and
developments and the inability to insure against all risks, failure
of plant, equipment, processes, transportation and other
infrastructure to operate as anticipated, compliance with
government and environmental regulations, including permitting
requirements and anti-bribery legislation, depletion of reserves,
volatile financial markets that may affect the ability to obtain
additional financing on acceptable terms, the failure to obtain
required approvals or clearances from government authorities on a
timely basis, uncertainties related to the geology, continuity,
grade and estimates of mineral reserves and resources, and the
potential for variations in grade and recovery rates, uncertain
costs of reclamation activities, the company’s ability to comply
with its pension and other post-retirement obligations, the
company’s ability to abide by the covenants in its debt instruments
and other material contracts, tax refunds, hedging transactions, as
well as the risks discussed under the heading “Risk Factors” in the
company’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.
Note to United States
Investors
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which may differ materially from the requirements of
United States securities laws applicable to U.S. issuers.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining
company primarily producing copper concentrate (containing copper,
gold and silver) and zinc metal. 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, development, operation and
optimization 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 Brûlé Director, Investor Relations (416)
814-4387 candace.brule@hudbay.com
Figure 1: Location of Constancia North
Drill Holes is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5c9d44f-d8b3-4a6c-9712-68811d3d66e3
3D view of drill hole locations north of the
existing Constancia reserve pit. Several of the drill holes
intersected porphyry or skarn mineralization along a SE-NW
trend.
Additional Drill Hole
Information
Hole ID |
From (m) |
To (m) |
Azimuth at Intercept |
Dip at Intercept |
Core Size |
Easting |
Northing |
Elevation |
Easting |
Northing |
Elevation |
CO-19-306 |
200,773 |
8,400,165 |
3,924 |
200,763 |
8,400,163 |
3,885 |
261 |
-76 |
HQ |
CO-19-307 (top) |
200,841 |
8,400,370 |
4,236 |
200,835 |
8,400,364 |
4,215 |
228 |
-69 |
HQ |
CO-19-307 (bottom) |
200,733 |
8,400,290 |
3,904 |
200,730 |
8,400,288 |
3,897 |
236 |
-67 |
HQ |
CO-19-308 |
200,849 |
8,400,385 |
4,241 |
200,845 |
8,400,389 |
4,220 |
316 |
-75 |
HQ |
CO-19-309 |
200,657 |
8,400,579 |
4,218 |
200,661 |
8,400,573 |
4,197 |
150 |
-70 |
HQ |
CO-19-310 |
200,767 |
8,400,674 |
4,086 |
200,783 |
8,400,644 |
3,994 |
153 |
-70 |
HQ |
CO-19-311 |
200,620 |
8,400,635 |
4,227 |
200,630 |
8,400,624 |
4,203 |
138 |
-58 |
HQ |
CO-20-313 |
200,608 |
8,400,525 |
4,164 |
200,611 |
8,400,523 |
4,157 |
124 |
-64 |
HQ |
CO-20-314 |
200,811 |
8,400,101 |
4,255 |
200,833 |
8,400,100 |
4,173 |
92 |
-75 |
HQ |
CO-20-315 |
200,883 |
8,400,328 |
4,259 |
200,873 |
8,400,316 |
4,192 |
219 |
-77 |
HQ |
CO-20-316 (top) |
200,879 |
8,400,146 |
4,152 |
200,885 |
8,400,130 |
4,104 |
159 |
-70 |
HQ |
CO-20-316 (bottom) |
200,888 |
8,400,123 |
4,084 |
200,897 |
8,400,096 |
4,006 |
161 |
-70 |
HQ |
CO-20-319 |
200,847 |
8,400,179 |
4,088 |
200,842 |
8,400,176 |
4,029 |
236 |
-85 |
HQ |
CO-20-320 (top) |
200,911 |
8,400,092 |
4,270 |
200,923 |
8,400,066 |
4,190 |
155 |
-70 |
HQ |
CO-20-320 (bottom) |
200,928 |
8,400,054 |
4,153 |
200,940 |
8,400,025 |
4,071 |
158 |
-69 |
HQ |
CO-20-321 (top) |
200,908 |
8,400,110 |
4,176 |
200,912 |
8,400,099 |
4,145 |
158 |
-69 |
HQ |
CO-20-321 (bottom) |
200,916 |
8,400,089 |
4,117 |
200,923 |
8,400,071 |
4,067 |
158 |
-69 |
HQ |
CO-20-322 (top) |
200,961 |
8,400,108 |
4,290 |
200,952 |
8,400,122 |
4,227 |
326 |
-75 |
HQ |
CO-20-322 (bottom) |
200,947 |
8,400,129 |
4,194 |
200,931 |
8,400,151 |
4,100 |
325 |
-74 |
HQ |
CO-20-324 |
200,944 |
8,400,144 |
4,291 |
200,913 |
8,400,179 |
4,126 |
319 |
-74 |
HQ |
CO-20-325 |
200,981 |
8,400,065 |
4,275 |
200,979 |
8,400,069 |
4,260 |
335 |
-75 |
HQ |
CO-20-326 |
200,981 |
8,400,065 |
4,275 |
200,982 |
8,400,061 |
4,259 |
170 |
-78 |
HQ |
CO-07-1094 |
200,762 |
8,400,618 |
4,055 |
200,777 |
8,400,602 |
4,018 |
135 |
-60 |
HQ |
CO-08-215 (top) |
200,891 |
8,400,237 |
4,260 |
200,877 |
8,400,237 |
4,222 |
271 |
-70 |
HQ |
CO-08-215 (bottom) |
200,827 |
8,400,238 |
4,073 |
200,790 |
8,400,237 |
3,950 |
268 |
-73 |
HQ |
|
|
|
|
|
|
|
|
|
|
_______________1 Adjusted net loss and adjusted
net loss per share, adjusted EBITDA, net debt, unit operating
costs, cash cost, sustaining and all-in sustaining cash cost per
pound of copper produced, net of by-product credits, are non-IFRS
financial performance measures with no standardized definition
under IFRS. For further information, please see the “Non-IFRS
Financial Reporting Measures” section of this news
release.
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