Canadian miner Hudbay plans to produce 36pc more copper in 2023 at 129,500mt compared to 95,333mt in 2020. It also plans to shut its 777 facility in Manitoba by mid-2022 as its nearing the end of its mine life.
The company has estimated a 7pc increase in copper production in 2021 owing to high-grade recoveries at its Pampacancha unit in Peru.
Consolidated copper production declined by 0.33pc to 24,553mt in Q1 2021 from 24,635mt in the same quarter last year. Hudbay’s total zinc output was down 8.38pc this quarter at 27,940mt against 30,495mt in Q1 2020.
The company attributed low production to maintenance shutdowns at its Peru facilities and low throughput following downgraded ore.
Overall copper sales volumes declined by 13.06pc in Q1 2021 to 20,929mt from 24,072mt during the prior-year quarter period. Conversely, zinc sales volumes increased by 5.79pc to 28,343mt from 26,792mt in the same period.
The fall in copper sales resulted from delayed shipments that spilled over to April this year because of logistical issues.
Hudbay’s Q1 2021 revenue tallied at $313.5mn versus $245mn in the first quarter of last year. The company’s EBITDA increased to $144mn this quarter against $55mn in Q1 2020.