NEW YORK Hudbay Minerals
Inc. expects its zinc metal concentrate output to rise in 2013
as upgrades to its Lalor site continue, while copper
concentrate production will likely fall this year, it said.
The Toronto-based company
forecast zinc concentrate output of 85,000 to 100,000 tonnes in
2013, up from a 2012 production total of approximately 81,000
"Hudbays domestic zinc
concentrate production in 2013, together with total year-end
zinc concentrate inventory of approximately 18,000 tonnes, is
expected to result in zinc plant production at levels
consistent with 2012 results," Hudbay said. "The company does
not expect to require new third-party purchased concentrate to
achieve these production levels."
Meanwhile, the company forecast
copper concentrate output of 33,000 to 38,000 tonnes in 2013,
down from last years output of nearly 40,000 tonnes.
"Contained copper production in
concentrate in 2013 is expected to decrease slightly over 2012
because of the closures of the Trout Lake and Chisel North
mines in 2012 following the end of their mine lives," the
Hudbay met its full-year
production guidance for all metals in 2012, representing the
sixth consecutive year in which it has achieved its production
In addition, the company pegged
total capital expenditures for 2013 at Canadian $1.2 billion
"Hudbay is well-positioned to
fund its projects with cash and cash equivalents of C$1,499
million as at Sept. 30, 2012, together with approximately U.S.
$485 million in other committed funding sources," the company
The main production shaft at the
companys Lalor site has now been sunk to about 434 meters
(1,424 feet) and is 44-percent complete. Shaft sinking is
expected to be finished in the third quarter of 2013.
Ore from the Lalor site will be
processed at the nearby Snow Lake concentrator once the
production shaft and new concentrator are complete, which is
expected in late 2014. The first full year of production is
expected in 2015.