August 4, 2010 / 10:17 PM / 7 years ago

UPDATE 1-HudBay operating results rise; NYSE listing planned

* Q2 EPS C$0.09 Vs C$0.58 year-earlier

* Q2 cash flow from ops C$0.27/shr vs C$0.19/shr

* Company establishes semi-annual dividend

* Plans to also list shares on the NYSE

TORONTO, Aug 4 (Reuters) - HudBay Minerals (HBM.TO) said on Wednesday its quarterly operating results rose, driven by stronger metal prices, and said it would start paying a semi-annual dividend and list on the New York Stock Exchange.

Net earnings dropped to C$13.3 million, or 9 Canadian cents a share, in the second quarter. That compared with a profit of C$89.4 million, or 58 Canadian cents, a year earlier, when it had an after-tax gain of C$99.9 million on the sale of its 16.7 percent stake in Lundin Mining (LUN.TO).

Excluding that gain, earnings improved as metal prices rose and foreign exchange conversions turned favorable.

The company said its operating cash flow rose to C$41 million, or 27 Canadian cents a share, up from C$28.9 million, or 19 cents.

HudBay, whose main operations are in the Western Canadian province of Manitoba, said it plans to also list its shares on the New York Stock Exchange. It expects to submit its listing application in October.

HudBay also said its board has decided to establish a semi-annual dividend of 10 Canadian cents a share.

“We believe that implementing a regular dividend and listing on the New York Stock Exchange will enable us to broaden our appeal to a larger group of investors and help increase our overall trading liquidity,” Chief Executive David Garofalo said in a statement. ($1= $1.02 Canadian) (Reporting by Euan Rocha and Julie Gordon)

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