Hudbay Announces Increases in Metals Reserves and Resources
HudBay Minerals Inc. (HBM.TO) announced an increase to its copper equivalent proven and probable mineral reserves for the third consecutive year.
Copper equivalent proven and probable mineral reserves increased by 12% to approximately 3.6 million tonnes, including approximately 4 million ounces of precious metal equivalent proven and probable reserves, which increased by 16% from 2012.
Increased measured and indicated resources at the Constancia project accounted for 71% of the overall increase in Hudbay's copper equivalent measured and indicated resource.
Exploration success and resource evaluation accounted for approximately 88% of the increase in copper equivalent reserves and resources and the entire increase in precious metal equivalent reserves and resources, with the balance due to revised commodity price and exchange rate assumptions.
Hudbay also announced that, based on production results to date in 2013 from the Lalor mine, the company expects to achieve commercial production from the first phase of Lalor as at March 31, 2013, with Lalor initial production
expected to contribute to profit starting in April 2013.
HBM shares were down two cents to $9.63 on volume of 192,000.
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