Canadian miner Hudbay Minerals expects its copper production to rise by 7pc in 2021, owing to higher grade recovery at its Pampacancha deposit in Peru.
In 2020, the company produced 95,333mt of copper concentrate, down by 43.8pc from 137,179mt in 2019. The miner said that lower grades and a two-month suspension of mining at its Constancia mine in Peru during the same period resulted in zinc output dropping by 0.8pc to 118,130mt from 119,106mt.
Copper sales during 2020 were 44pc lower at 88,888mt compared with 128,519mt in 2019. Zinc sales, however, rose 4.8pc to 109,347mt from 104,319mt during the same period under comparison.
Hudbay Minerals recorded a revenue of $1.09bn in 2020, compared to $1.23bn in 2019. During this period, its adjusted EBITDA amounted to $306.7mn, down from $358.5mn.
Hudbay produced 27,278mt and sold 22,963mt of copper concentrate in Q4 2020, down by 19pc and 44pc, respectively, over Q4 2019. During the last quarter of 2020, zinc production fell by 18pc to 25,283mt while sales rose by 1.5pc to 28,431mt.
In Q4 2020, the miner’s revenue tallied at $322mn, slightly below $324mn in Q4 2019 while its EBITDA rose to $106mn from 82.2mn in the prior-year period.