First Production at Reed Expected in 2013
Of the company''s $72 million capital construction budget for its 70% owned Reed copper project in northern Manitoba, Hudbay has invested approximately $19.7 million on the project to November 30, 2012 and has entered into an additional $17.8 million in commitments for the project. Capital expenditures at Reed are expected to total approximately $44 million in 2013. After completing the first portal development round in October 2012, the underground ramp has advanced approximately 72 metres. Hudbay has submitted the Environmental Act licence application for Reed to the provincial government. Initial production is expected by the fourth quarter of 2013 and full production of approximately 1,300 tonnes of ore per day is expected by the first quarter of 2014.
Initial production at the Reed copper project is expected by the third quarter of 2013, subject to receipt of required permits, with 51,000 tonnes of ore expected to be mined in 2013.