Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Hudbay Minerals’ copper and precious metals production is expected to grow by 18pc and 67pc, respectively, over the next two years.


The Canadian miner set a 2020 production guidance of 107,500mt of copper and 172,500oz of precious metals, both of which are slated to grow by 2022.


Hudbay met its 2019 guidance for both copper and precious metals production, while exceeding expected output for zinc and molybdenum. Zinc output rose to 119,106mt in 2019 from 115,588mt one year prior, while molybdenum production rose to 1,272mt in 2019 from 904mt produced in 2018. Zinc production was primarily driven by the company’s Lalor mine ramping up to 4,500mt a day.


Consolidated copper production in Q4 2019 reached 32,422mt, declining from 37,238mt during the same period in the prior year, and down from 36,422mt produced during Q3 2019.


In 2019, the company achieved sales of $1.08bn, down from $1.1bn during the prior year. During the fourth quarter of 2019, Hudbay had $299mn in sales, up from $277mn during Q4 2018. Sales also rose from $260mn during Q3 2019.


Hudbay’s revenue in 2019 totaled $1.2bn, down from $1.5bn in 2018. During Q4 2019, the firm had revenues of $325mn, down from $352mn during the prior year period, but up from $291mn in Q3 2019.

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