HudBay posts slender profit on improved copper sales

Jul 31, 2014 | 04:49 PM | Saranya Kapur

Tags  HudBay Minerals, copper, earnings report, Augusta Resource, David Garofalo, Rosemont copper mine project, United Copper and Moly, UCM Saranya Kapur

NEW YORK — HudBay Minerals Inc. returned to profitability in the second quarter due in part to higher copper sales.

The Vancouver, British Columbia-based mining company posted net income of $252,000 for the three months ended June 30 in contrast to a $52.6-million loss in the same period last year on sales that increased 6.6 percent to more than $139.3 million.

However, the company reported a negative impact on earnings due to rising inventories of unsold copper concentrate and refined zinc due to poor rail service availability following "extreme winter conditions" earlier in the year and recent flooding in Manitoba, the location of its Flin Flon smelter.....

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