Hudbay presells gold to fund mill refurbishment

TSX- and NYSE-listed Hudbay Minerals has struck a transaction with existing lenders to fund its Snow Lake gold growth initiatives, in Manitoba, raising $115-million.

Though the arrangement, the company will receive an upfront payment in exchange for delivering 79 954 oz of gold in 2022 and 2023, based on gold forwards curve prices averaging about $1 682/oz.