Hudbay Achieves First Gold Production at its New Britannia Mill
12 August 2021 - 02:30PM
Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) today announced that
gold production has commenced at the New Britannia mill in Snow
Lake, Manitoba. Refurbishment activities at the gold mill were
completed in June 2021, followed by commissioning and startup
activities in July. The mill achieved first gold production on
August 11, 2021, in line with the timelines assumed in recent
company guidance and ahead of the original schedule to produce
first gold before the end of 2021.
“We are proud of the New Britannia project and
operating teams for completing construction activities ahead of the
original timelines and achieving a successful ramp up to first gold
pour,” said Peter Kukielski, Hudbay’s President and Chief Executive
Officer. “This is a major growth milestone for Hudbay and our
Manitoba business as it marks the beginning of the transition of
our Lalor mine to a primary gold operation.”
The company is also completing the construction
of a new copper flotation facility at New Britannia, which remains
on track for commissioning and ramp up in the fourth quarter of
2021. Annual gold production from Lalor and the Snow Lake
operations is expected to increase to over 180,000 ounces during
the first six full years of New Britannia's operation at an average
cash cost and sustaining cash cost, net of by-product credits, of
$412 and $788 per ounce of gold, respectively.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, the schedule to complete
construction of the copper flotation facility at New Britannia and
production and cost expectations for Lalor and the New Britannia
mill. Forward-looking information is not, and cannot be, a
guarantee of future results or events. Forward-looking information
is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the company at
the date the forward-looking information is provided, inherently
are subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be
materially different from those expressed or implied by the
forward-looking information.
The material factors or assumptions that Hudbay
identified and were applied by the company in drawing conclusions
or making forecasts or projections set out in the forward-looking
information include, but are not limited to, the expected timing to
complete construction and ramp up the copper flotation circuit at
New Britannia and no significant unanticipated delays to the full
completion of the New Britannia project.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), risks associated with commission a new
processing plant, risks associated with the COVID-19 pandemic,
risks associated with the labour union negotiations in Manitoba as
well as the risks discussed under the heading “Risk Factors” in
Hudbay’s most recent Annual Information Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining
company primarily producing copper concentrate (containing copper,
gold and silver) and zinc metal. Directly and through its
subsidiaries, Hudbay owns three polymetallic mines, four ore
concentrators and a zinc production facility in northern Manitoba
and Saskatchewan (Canada) and Cusco (Peru), and copper projects in
Arizona and Nevada (United States). The company’s growth strategy
is focused on the exploration, development, operation and
optimization of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s vision is to be a responsible, top-tier operator of
long-life, low-cost mines in the Americas. Hudbay’s mission is to
create sustainable value through the acquisition, development and
operation of high-quality, long-life deposits with exploration
potential in jurisdictions that support responsible mining, and to
see the regions and communities in which the company operates
benefit from its presence. The company is governed by the Canada
Business Corporations Act and its shares are listed under the
symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange
and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For further information, please contact:
Candace BrûléDirector, Investor Relations(416)
814-4387candace.brule@hudbay.com
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