Hudbay Minerals Inc. (TSX:HBM) (NYSE: HBM) announced that gold production has commenced at the New Britannia mill in Snow Lake, Manitoba. Refurbishment activities at the gold mill were completed in June 2021, followed by commissioning and startup activities in July. The mill achieved first gold production on August 11, 2021, in line with the timelines assumed in recent company guidance and ahead of the original schedule to produce first gold before the end of 2021.
“We are proud of the New Britannia project and operating teams for completing construction activities ahead of the original timelines and achieving a successful ramp up to first gold pour,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “This is a major growth milestone for Hudbay and our Manitoba business as it marks the beginning of the transition of our Lalor mine to a primary gold operation.”
The company is also completing the construction of a new copper flotation facility at New Britannia, which remains on track for commissioning and ramp up in the fourth quarter of 2021. Annual gold production from Lalor and the Snow Lake operations is expected to increase to over 180,000 ounces during the first six full years of New Britannia’s operation at an average cash cost and sustaining cash cost, net of by-product credits, of $412 and $788 per ounce of gold, respectively.
Hudbay is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver) and zinc metal. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company’s growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay’s vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay’s mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. The company is governed by the Canada Business Corporations Act and its shares are listed on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.
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We acknowledge the [financial] support of the Government of Canada.