Hudbay Minerals shares rise on record revenue for 2023
Hudbay Minerals (TSX, NYSE: HBM) shares rose on Friday following the company’s announcement of record quarterly and annual revenue of $602.2 million and $1.69 billion, respectively.
Cash flow (before changes in non-cash working capital) also rose 35% to $246.5 million on a quarter-over-quarter basis, the Canadian miner said.
Hudbay also unveiled its operational results on Friday, including consolidated copper production of 45,450 tonnes and a record consolidated gold production of 112,776 oz. in the fourth quarter.
The production was attributed to sustained higher grades at the Pampacancha deposit in Peru and the Lalor mine in Manitoba, along with contributions from the newly acquired Copper Mountain mine in British Columbia.
In 2023, the company achieved consolidated production guidance for all metals. Copper production reached 131,691 tonnes, gold production totalled 310,429 oz. and silver production was 36 million oz. These figures represent increases of 26%, 41% and 13%, respectively, compared to 2022.
Hudbay’s Peru operations benefited from sustained higher grades at the Pampacancha satellite pit, resulting in 33,207 tonnes of copper production and 49,418 oz. of gold production in the fourth quarter.
Meanwhile, its Manitoba operations achieved a quarterly record of 59,863 oz. of gold, as higher-grade gold and copper zones were mined at Lalor, and the New Britannia mill processed significantly more gold ore. The British Columbia operations produced 8,508 tonnes of copper.
Shares of Hudbay Minerals rose 7% by 11:32 p.m. EDT in Toronto. The miner has a market capitalization of C$2.51 billion.