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

Hudbay Minerals has increased its Manitoba-based New Britannia mine’s growth capital guidance to $105mn from $75mn in 2021. 


The construction of the new copper floatation facility at the New Britannia mine is 95pc complete, and the firm expects an additional $20mn growth capital to be spent at the mine. The firm also projects to spend an additional $10mn on increasing the production at its Lalor mine to 5,300mt of copper per day. 


In Q2 2021, the company produced 23,474mt of copper concentrate up from 18,026mt in Q2 2020, while it dropped from 24,553mt in Q1 2021. The firm’s zinc concentrate output in Q2 2021 fell to 21,538mt from 31,222mt in Q2 2020 and declined from 27,940mt in Q1 2021. 


At Hudbay’s Manitoba operations, total production of copper concentrate in Q1 2021 dropped to 4,416mt from 6,522mt in Q2 2020 and fell from 6,726mt in Q1 2021. Its zinc concentrate production declined to 21,538mt in the second quarter of the year from 30,303mt in Q2 2020 and dropped from 21,940mt in Q1 2021. 


The company copper concentrate production at its Peru operations rose to 19,946mt in Q2 2021 from 9,023mt in Q2 2020 and was up from 14,836mt in Q1 2021. 


Hudbay sold a total of 25,176mt of copper concentrate in Q2 2021 up from 15,951mt in Q2 2020 while it rose from 20,929mt in Q1 2021. Its total zinc concentrate sales volume in Q2 2021 was 25,361mt compared to 27,604mt in the same quarter last year, while it decreased from 28,343mt in Q1 2021. 


Its revenue in Q2 2021 was $404.2mn up from $208.9mn in Q2 2020 and rose from $313.6mn in Q1 2021. Adjusted EBITDA rose to $143.2mn in Q2 2021 from $49.1mn in Q2 2020 and increased from $104.2mn in Q1 2021. 

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