WINNIPEG – HUDBAY MINERALS has posted record earnings of $85.2 million or $1.04/share for the 2005 calendar year. That compares most favourably with a loss of $9.9 million in 2004. Revenue was $652.0 million in 2005 compared with $13.3 million a year earlier. The year-over-year results are considerably different because HudBay acquired HUDSON BAY MINING & SMELTING CO. LTD. on Dec. 21, 2004.
The company’s production numbers had a corresponding rise. Zinc output was 115,000 tonnes in 2005 (up 5% from 2004); copper output was 86,000 tonnes (up 12%); gold output reached 102,000 oz (up 29%); and silver output was 1.4 million oz (up 26%). Cash costs were controlled at $0.13/lb for zinc, net of byproduct credits.
HudBay also noted several highlights for 2005. Its operating mines, mill, smelter and refineries in Flin Flon, Man., set a new safety record, abolishing the previous record set 76 years ago. The company reopened the Balmat zinc mine in New York and agreed to purchase the White Pine copper refinery in Michigan.
The company maintains its website at www.HudBayMinerals.com.