HudBay Minerals ups 2011 mining exploration budget to $58.6M

Dec 14, 2010 | 12:13 PM |

HudBay Minerals Inc. will increase its annual exploration budget by more than 40 percent next year as two of its major ore-producing assets near the end of their production.

The company plans to invest Canadian $59 million ($58.6 million) to explore existing mines, as well as for grassroots efforts in 2011, up from the C$42 million for similar projects this year.

The majority of the budget has been earmarked for HudBay's joint-venture properties in the Flin Flon greenstone belt in Manitoba.

Some C$33 million ($32.7 million) of the budget will be spent on exploration in the Flin Flon Belt, C$16 million ($15.8 million) on the Back Forty zinc and gold project in northern Michigan, C$5 million ($4.9 million) on exploratiion of the Fenix project in Guatemala, C$2 million ($1.98 million) on the Tom and Jason zinc and lead deposit in the Yukon and C$2 million on projects in Chile. ....

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