The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Hudbay has a commitment from Caterpillar Financial to provide an equipment financing facility for the mobile fleet at the Constancia mine project in Peru. The equipment financing facility will cover some US$130 million of equipment manufactured by Caterpillar and others, subject to completion of definitive documentation and other customary conditions. Loans pursuant to the equipment financing facility are expected to have a six-year term and be secured by the Constancia mobile fleet. Completion of the facility is expected before the end of September. As of March 31, Hudbay had incurred some US$480 million in costs of its US$1.5 billion capital construction budget for Constancia. The company had entered into an additional US$534 million in commitments for the project. Hudbay expects the arrival of the three hydraulic shovels in August 2013, September 2013 and January 2014, respectively, and to begin pre-stripping activities late in 2013. Development of the project was about 25 per cent complete. Civil earth works for the process plant area were roughly 70 per cent complete and remained on schedule. Initial production is targetted for late 2014 with full production in the second quarter of 2015. In accordance with the agreements Hudbay has entered into with local communities, relocation of affected families is underway and the construction of new housing is in progress. Hudbay has delivered new homes to 14 families, and the remaining 22 families are scheduled to be relocated in 2013. _ Compiled from Hudbay news releases
