Hudbay lost $11.8 million in the third quarter but says it remains on track to achieve production and cost targets for all operations in 2015.
Net earnings declined $58 million from the same quarter last year. The company said this stemmed primarily from a $34.5-million impairment loss related to its 2014 purchase of Augusta Resource Corp.
In Flin Flon and Snow Lake, Hudbay said ore processed in the third quarter was “relatively consistent” with levels achieved in the same period last year.
“In the fourth quarter of 2015, Hudbay expects to realize sequential improvements in metals production and unit costs per tonne of ore processed as the 777 mine is beginning to benefit from the effects of its planned mine fleet renewal,” the company said in a news release.
Hudbay also lost money in the first (CA$23.7 million) and second (CA$55.2 million) quarters of 2015. The company announced its latest quarterly results on Thursday afternoon.
The Reminder will have more on Hudbay’s latest quarter in our next print edition on Friday, Nov. 13. There is no paper on Wednesday, Nov. 11 due to Remembrance Day.
(Unless otherwise noted, all figures mentioned in this article are in US dollars).
