- Hudbay Minerals (TSX:HBM) reports its Q3 2024 results, achieving 89,073 ounces of gold produced, representing a 52 per cent increase from Q2 2024
- The company reported a consolidated cash cost of $0.18 per pound of copper, an 84 per cent improvement from Q2 2024.
- Operating cash flow totaled $186.3 million, a 53 per cent increase from Q2 2024
- Shares of Hudbay Minerals are up 1.34 per cent to C$12.14 as of 12:31 p.m. ET
Hudbay Minerals(TSX:HBM) revealed its Q3 2024 results, showcasing strong operating and financial results driven by strong gold production in Manitoba and improved copper recovery at its operations in Peru and British Columbia.
The company stated in a press release it achieved consolidated copper production of 31,354 tonnes, consistent with its production targets, while gold output surged to 89,073 ounces, a 52% increase from Q2 2024.
The record gold production was primarily attributed to the New Britannia mill’s enhanced throughput and operational efficiency, which helped exceed production expectations. This growth in gold output played a pivotal role in Hudbay’s financial performance, with the company benefiting from higher realized gold prices.
In terms of financials, Hudbay’s revenue for Q3 2024 reached $485.8 million, reflecting a substantial increase in operating cash flow. The company also generated an operating cash flow of $186.3 million, representing a 53 per cent increase from the previous quarter, driven by higher gold production and improved cost control across all operations.
Adjusted EBITDA for the quarter rose 42 per cent to $206.2 million. Hudbay’s net earnings were $49.8 million, or $0.13 per share, compared to a loss of $16.6 million in Q2 2024.
Based out of Toronto, Ont., Hudbay Minerals is a copper-focused mining company with operations and a pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru, and the U.S.
Shares of Hudbay Minerals are up 1.34 per cent to C$12.14 as of 12:31 p.m. ET.
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