UPDATE: HudBay Minerals Declines 1% As Expects Lower Copper Production in 2012; Announces 2012 Budgets
HudBay Minerals Inc. (HBM.TO) continued its drop at midday Monday, falling a little over 1% to $9.77 from Friday's $9.89 and moving further away from today's $9.91 open, following the release of its production guidance and its exploration and capital expenditure budgets for 2012.
The integrated mining company said it plans to spend approximately $391 million for capital investments, including $296 million in growth initiatives. Budget allotted for investments in exploration is approximately $54 million, which includes $31 million in grassroots efforts in the Flin Flon Greenstone Belt, $13 million in South America and $10 million on other North American exploration initiatives.
The company also said it expects copper production to fall next year, hurt by the closures of its Trout Lake and Chisel North mines in Manitoba.
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