HudBay Minerals sees C$1 billion capital spending in 2014

Wed Jan 8, 2014 2:11pm EST
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Jan 8 (Reuters) - Canadian miner HudBay Minerals Inc said on Wednesday it plans capital spending of about C$1 billion ($926.05 million) this year, with the bulk of the funds earmarked for the Constancia copper project it is developing in Peru.

The company also said it expects to produce between 41,000 and 55,000 tonnes of copper in 2014, up from 29,930 tonnes in 2013. It sees zinc production of 87,000 to 105,000 tonnes, up from 86,527 tonnes in 2013.

HudBay said it would spend C$20.4 million on exploration this year.

Hudbay said it expects to reach commercial production at its Reed mine in Manitoba in the first half of 2014, and commercial production from the main production shaft at its Lalor project, also in Manitoba, in the second half of the year.

The production schedule for the US$1.7 billion Constancia project is unchanged, the company said. On Sept. 19, HudBay said the project was roughly half built and should be operational in 2015.