{"id":1201187,"date":"2020-08-12T06:03:00","date_gmt":"2020-08-12T11:03:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1032429"},"modified":"2020-08-12T06:03:00","modified_gmt":"2020-08-12T11:03:00","slug":"hudbay-minerals-posts-51-9m-loss-cuts-peru-guidance","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1201187","title":{"rendered":"Hudbay Minerals posts $51.9m loss, cuts Peru guidance"},"content":{"rendered":"

Canadian miner Hudbay Minerals (TSX, NYSE: HBM) posted a $51.9 million loss in the three months to June 30<\/a>, as an eight-week suspension of its Constancia copper mine in Peru weighed on the results.<\/p>\n

The Toronto-based company revised down its production targets for its Peruvian operations to 65,000-75,000 tonnes of copper and 25,000-35,000 ounces of precious metals. Hudbay had earlier forecast 80,000-95,000 tonnes of copper and 45,000-55,000 ounces of gold for 2020.<\/p>\n

The new guidance also reflects the change in Pampacancha production start date to early 2021<\/a> from the second half of this year. The delay<\/a> was a result of Peru\u2019s state of emergency due to the coronavirus pandemic declared on March 15, as well as the impact of consultation with local communities, Hudbay said.<\/p>\n

The company noted that the mill at Constancia resumed full operations on May 18, adding that mining returned to normal levels in early July.<\/p>\n

Miners operating in the South American nation, the world\u2019s second copper producer after Chile, are facing a fresh wave of community hostility<\/a>. Mobs attacked three mining and oil sector firms over the past few days, two of which were forced to halt operations after deadly clashes.<\/p>\n

Angry residents in the country\u2019s Andean and Amazon regions demand economic aid and healthcare support during the covid-19 pandemic, already in its second wave. The health emergency has underscored stark divisions between the rich and often rural poor in the country.<\/p>\n

The company\u2019s chief financial officer, Steve Douglas, said that the strong performance of the Manitoba business, in Canada, had helped to offset the reduced contribution from the Peruvian operations.<\/p>\n

This resulted in second-quarter adjusted earnings remaining unchanged from first-quarter levels, with adjusted earnings slightly below Q1 figures.<\/p>\n

Rosemont update<\/strong><\/h2>\n

Hudbay referred to its ongoing appeal to a US court decision<\/a> last year, which barred it from proceeding with construction at its $1.9 million Rosemont copper projec<\/a>t in Arizona.<\/p>\n

It said it had received the official support of industry groups, including the National Mining Association, the American Exploration and Mining Association, and the Southern Arizona Business Coalition.<\/p>\n

If Hudbay wins the battle, Rosemont would be the third-largest copper mine in the US, accounting for approximately 10% of the country\u2019s total copper production.<\/p>\n

Located about 50 km southeast of Tucson, the project t contemplates an open pit on the eastern slope of the Santa Rita that will churn out 112,000 tonnes of copper concentrate a year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eight-week suspension of its Constancia copper mine in Peru, due to covid-19 measures, weighed on the company’s results.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1201187"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1201187"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1201187\/revisions"}],"predecessor-version":[{"id":1201248,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1201187\/revisions\/1201248"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1201187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1201187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1201187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}