Canada-based miner Hudbay Minerals has published its annual results for 2023 and reported that its production and revenue were significantly better than the previous year.
The company achieved 2023 consolidated production guidance for all metals. Its copper production was up 26% year-on-year to 131,691 tonnes, gold output jumped 41% to 310,429 ounces, while silver production increased by 13% to 3.6 million ounces. The increase is attributed to the acquisition of Copper Mountain mine in British Columbia as well as higher throughput and recoveries in Peru and Manitoba and higher overall copper, gold and silver grades.
In 2023, Hudbay achieved annual revenue of $1.69, billion, from $1.46 billion a year earlier. The company delivered a significant increase in operating cash flow before change in non-cash working capital to $246.5-million in the fourth quarter, a 35% increase compared with $182-million in the third quarter.
"We had a strong end to the year with increased copper production, record gold production and record financial performance in the fourth quarter, resulting in the successful achievement of our annual guidance metrics,” said Peter Kukielski, Hudbay's president and CEO.
“2023 was a year of execution and delivery…We continued to demonstrate financial discipline in 2023 through reduced discretionary spending to drive free cash flow generation and debt reduction. These 2023 achievements are a testament to our outstanding team, which continues to deliver the plan while always operating safely and efficiently.”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
