Company News

BUZZ-Hudbay Minerals: Ore production at Pampacancha deposits expected only in 2020

** Shares of Canadian miner fall 8.9% to C$7.98

** Co reports Q1 loss of 5 cents/shr vs profit of 16 cents/shr a year earlier

** Q1 copper-equivalent production down 6% due to lower output in Manitoba following closure of Reed mine

** Ore production at Pampacancha deposits in Peru will not begin until 2020 - HBM

** New development at Pampacancha creates more uncertainty regarding timing of any agreement as process will include more overt political considerations instead of presumably only economic ones previously - Raymond James

** Local community with whom co is negotiating at Pampacancha designated as indigenous and the community has to negotiate with the Peruvian government separately

** At least three brokerages cut PT on co; Canaccord Genuity cuts to C$10.50 from C$11, Credit Suisse cuts to C$11.50 from C$12.50, Eight Capital cuts to C$11 from C$12 and downgrades to “neutral” from “buy”

** Despite Tuesday’s losses, stock up ~23% this year (Reporting by Debroop Roy in Bengaluru)