HudBay allocates $58.6M for mine exploration in 2011

Dec 15, 2010 | 11:29 AM |

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, up from C$42 million for similar projects this year.

Some C$33 million ($32.8 million) of the budget has been earmarked for exploration at HudBay's joint-venture properties in the Flin Flon greenstone belt in Manitoba; C$16 million ($15.9 million) will be spent on the Back Forty zinc and gold project in northern Michigan; C$5 million ($4.97 million) on exploration of the Fenix project in Guatemala; C$2 million ($1.99 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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