Hudbay Minerals (NYSE:HBM) +4% pre-market after releasing its annual mineral reserve and resource update, which says its mineral reserve growth replaced nearly 100% of 2021 mining depletion and extended the mine life at both Constancia and Snow Lake by a year to 2038.
Hudbay expects annual copper production from Constancia will average 105K metric tons over the next seven years, 35% above 2021 levels, and annual gold production from Snow Lake will average 180K oz. over the next six years, up 55% from 2021 levels.
The company says it has been experiencing limited railcar availability in Manitoba due to weather-related impacts, which likely will affect Q1 sales volume from the province, and higher railcar demand in the rail network in Canada; any resulting excess copper concentrate and refined zinc inventory buildup is expected to normalize during Q2.
Hudbay earlier reported that FY 2021 consolidated copper production of 99,470 tons and consolidated gold production of 193,783 oz. rose by a respective 4% and 55%.