Canadian Mining Journal


Hudbay posts US$51.9M loss on Constancia suspension

Canadian miner Hudbay Minerals (TSX: HBM, NYSE: HBM) posted a US$51.9 million loss in the second quarter, as an eight-week suspension of its Constancia copper mine in Peru weighed on results.

The Toronto-based company revised down its production targets for its Peruvian operations to 65,000-75,000 tonnes of copper and 25,000-35,000 ounces of precious metals. Hudbay had earlier forecast 80,000-95,000 tonnes of copper and 45,000-55,000 ounces of gold for 2020.

The new guidance also reflects the change in Pampacancha production start date to early 2021 from the second half of this year. The delay was a result of Peru’s state of emergency due to the coronavirus pandemic declared on March 15, as well as the impact of consultation with local communities, Hudbay said.

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