Hudbay Minerals Inc

HBM

Equity

ISIN CA4436281022 / Valor 2027766

Toronto Stock Exchange (2024-12-24)

CAD 11.87-0.67%

Hudbay Minerals Inc
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About company

Hudbay Minerals Inc is a copper-focused mining company with operations in Canada, Peru, and the United States. The company's primary metal production is copper, with additional gold production. Hudbay has a growth pipeline that includes projects in Arizona, Nevada, and Peru, as well as expansion and exploration opportunities near its existing operations. The company's long-term growth strategy aims to drive sustainable value for shareholders and the communities in which it operates, focusing on building low-cost mines in mining-friendly jurisdictions. Hudbay is committed to responsible mining and sustainable development, fostering trust-based relationships with community and government partners to operate mines without social conflict. The company places a strong emphasis on attracting and retaining top-tier talent to sustain its competitive advantages in exploration, mine building, and ESG initiatives.

Summarized from source with an LLMView SourceSector: Energy

Revenue and Operating Cash Flow

Hudbay Minerals Inc. reported revenue of $425.5 million for the second quarter of 2024. The company also achieved operating cash flow before changes in non-cash working capital of $122.0 million during the same period. This performance reflects the company's strong operational execution and favorable market conditions for copper and gold.

Production and Cost Control

In Q2 2024, Hudbay Minerals Inc. produced 28,578 tonnes of copper and 58,614 ounces of gold. The company maintained strong cost control, with consolidated cash cost per pound of copper produced, net of by-product credits, at $1.14. This aligns with the company's expectations and reflects the benefits of operational efficiencies and a diversified operating platform.

Net Loss and Adjusted Earnings

Hudbay Minerals Inc. reported a net loss attributable to owners of $16.6 million for the second quarter of 2024, translating to a loss per share of $0.05. After adjusting for various items, the adjusted earnings per share attributable to owners was nil. The net loss was significantly impacted by a tax expense of $20.8 million, despite having earnings before tax of only $0.4 million.

Deleveraging and Balance Sheet Transformation

Hudbay Minerals Inc. significantly accelerated its deleveraging efforts in Q2 2024, reducing long-term debt to $1,155.6 million from $1,278.6 million at the end of Q1 2024. The company also increased its cash and cash equivalents and short-term investments by $274.0 million to $523.8 million, driven by a successful equity offering and strong operating cash flows.

Production Guidance and Cost Outlook

Hudbay Minerals Inc. reaffirmed its full-year 2024 consolidated production guidance for all metals, including 137,000 to 176,000 tonnes of copper and 263,000 to 319,000 ounces of gold. The company also improved its 2024 annual operating cost guidance, decreasing the consolidated cash cost guidance range to $0.90 to $1.10 per pound, benefiting from meaningful exposure to gold by-product credits and continued strong cost control.

Summarized from source with an LLMView Source

Key figures

59.8%1Y

28.0%3Y

121%5Y

Performance

44.4%1Y

50.2%3Y

57.1%5Y

Volatility