HudBay Minerals (TSX:HBM, StockForum), a Toronto-based mining firm engaged in producing copper concentrate and zinc metal, released results today from its fourth quarter 2013.
According to the news release, Hudbay recorded a loss and loss per share of $61.5 million and $0.31 respectively, versus to a profit and a profit per share of $8.1 million and $0.05 respectively reported in the matching 2012 quarter.
Operating cash flow before stream deposit and change in non-cash working capital was $0.8 million during the quarter, dropping $5.2 million from the same period in 2012. This shift was attributed to lower inventory balances on hand in 2013 resulting in lower copper and zinc sales volumes compared to Q4 2012.
Hudbay Minerals president and CEO, commented, “Our development projects progressed well in 2013, putting us in a good position to achieve our strategic objectives in 2014.”
The concluded, “We are continuing to advance Constancia toward initial production late this year and Lalor toward production from the main shaft in the second half of the year, which would lead to significant growth in all the metals we produce.”
Hudbay was in the news recently when the company announced its acquisition of Augusta Resource.
Shares fell 3.58% on the news to $8.90 per share.
Currently there are 193.0m outstanding shares with a market cap of $1.7 billion.