Hudbay's Constancia mine on track to reach capacity by Q4
Canadian miner Hudbay Minerals said its US$1.7bn Constancia copper mine in Peru, the country's newest mine, is on schedule to reach design capacity by the fourth quarter.
Copper recoveries at the mine, which started up in December, are expected to rise to 88% from rates of 75% in July, CEO David Garofalo said at the Bank of America Merrill Lynch 21st Annual Canada Mining Conference in Toronto. A molybdenum flotation circuit is in commissioning, Garofalo said.
Operating costs at the 80,000t/d plant ran at US$9.22/t during May and June, within cost guidance, he said. Hudbay, which has allocated US$47mn/y in sustaining capex for the mine, is now focusing on optimizing mine costs and plant performance, according to Garofalo.
Constancia is expected to produce 82,000t/y copper, helping to quadruple copper output, more than double gold equivalent output and boost zinc production by 50% by next year.
The company aims to produce 140,000-175,000t copper, 95,000-120,000t zinc and 135,000-170,000oz gold equivalent this year. In full-year 2014, Hudbay produced 37,644t copper, 82,542t zinc, 73,377oz gold and 745,910oz silver.
The Toronto-based company, which also has operations in the US and Canada, posted a Cdn$57.1mn (US$42.8mn) loss in the second quarter compared with a Cdn$252,000 profit the previous year even as sales rose to Cdn$186mn from Cdn$139mn a year earlier.
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