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Investor Presentaiton

Cu Production (k tonnes) Pampacancha Update UPDATED CONSTANCIA MINE PLAN HIGHLIGHTS • New mine plan incorporates mining of Pampacancha in 2018-2021 HUDBAY ⚫ Higher production and lower costs over 5-year period (2017-2021) than previous 2012 technical report 5-YEAR PRODUCTION1 AND COST³ (2017E-2021E) MINE PLAN SUMMARY (5-YEAR AVERAGE) 5-Year Avg. Cu Production Cash Cost Sustaining Cash Cost Ore milled Copper grade milled million tonnes 30.9 % Cu 0.41% 125 $1.83 118 $2.00 113 Copper recovery % Cu 86.3% 107 107 104 Copper production¹ 000 tonnes 110 100 $1.60 $1.34 $1.30 $1.15 75 $1.09 $1.01 $1.08 $1.20 50 50 25 $0.80 $0.81 $0.86 $0.83 $0.40 Cash Cost ($/lb Cu) Molybdenum production1 000 tonnes 1.6 Gold production¹ Silver production¹ On-site costs² 000 oz 68 000 oz 2,770 $/t milled $7.69 Cash cost³ $/lb Cu $0.97 Sustaining cash cost³ $/lb Cu $1.27 0 $0.00 2017E 2018E 2019E 2020E 2021E Source: The Constancia Mine, National Instrument 43-101 Technical Report as filed on SEDAR by Hudbay on November 21, 2016. CAPITAL COSTS: Sustaining capex Capitalized stripping Total sustaining capex Pampacancha capex $ million $55 $ million $14 $ million $69 $ million $11 1. Production refers to contained metal in concentrate. 2. On-site costs include mining, milling and G&A costs, and include the impact of capitalized stripping. 3. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital. 6
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