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Investor Presentaiton

HUDBAY MANITOBA SUMMARY OPERATING STATISTICS Manitoba Q4 2016 Results • 777's Q4 ore mined impacted by more conservative stope sequencing needed as mine ages • 777 mine plan re-sequencing prioritizes. higher zinc grade stopes in 2017 • Cash cost continues to decline . Q4 cash costs of $(0.06)/lb Cu and sustaining cash cost of $0.58/lb Cu Full year cash costs of $0.32/lb Cu and sustaining cash cost of $0.61/lb Cu Ore mined (kt) 1. Includes 100% of Reed mine production. 2. 3. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. Reflects combined mine, mill and G&A costs per tonne of ore milled. Includes the cost of ore purchased from our joint venture partner at Reed mine. 4. Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits. Full Year Q4 2016 2016 675 2,828 Ore milled (kt) 723 2,854 Copper grade milled 1.52% 1.59% Zinc grade milled 4.54% 4.38% Gold grade milled (g/t) 1.60 1.64 Silver grade milled (g/t) 20.13 19.17 Copper recovery 89.2% 90.7% Zinc recovery 88.9% 88.5% Gold recovery 60.5% 58.5% Silver recovery 57.6% 56.6% Copper contained in conc. 9.8 41.1 (kt)1 Zinc contained in conc. (kt)1 29.1 110.6 Precious metals contained in 26.3 102.2 conc. (koz) 1,2 Combined unit operating $96.38 $92.77 costs ($/tonne)³ Cash cost ($/lb)4 $(0.06) $0.32 Sustaining cash cost ($/lb)4 $0.58 $0.61 24
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