March 31, 2011 / 10:29 PM / in 7 years

UPDATE 1-HudBay boosts size of copper reserves

(Figures in U.S. dollars)

TORONTO, March 31 (Reuters) - HudBay Minerals (HBM.TO) said on Thursday it has more than tripled the size of its copper reserves, largely driven by the acquisition of the Constancia copper project in Peru.

HudBay said its total proven and probable copper equivalent reserves rose to 3.1 million tonnes as of March 31, from 791,000 tonnes as of Jan. 1, 2010.

Toronto-based HudBay acquired Constancia through its roughly $400 million takeover of Norsemont Mining earlier this year.

HudBay also said on Thursday it plans to spend about $116 million on pre-construction work at Constancia this year. The company expects construction at the site to begin in early 2012, with 2016 being the first full year of production. (Reporting by Euan Rocha; editing by Rob Wilson)

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