Canadian miner Hudbay Minerals on Friday said it had swung to a third-quarter profit of $3-million, or $0.03 a share, compared with a loss of $5.4-million, or 0.03 a share, as higher foreign exchange gains and lower tax expense boosted earnings, which was partially offset by lower revenue as a result of lower volumes and prices.
In the third quarter ended September 30, the diversified miner’s revenues fell $14.4-million to $130.2-million, which was mainly owing to lower copper sales volumes, as a result of the planned permanent closures of the Trout Lake and Chisel North mines, in Manitoba, and lower metals prices when compared with the same period on 2012, partially offset by higher zinc, gold and silver volumes.
Toronto-based Hudbay, which is developing the $1.7-billion Constancia copper mine, in Peru, on Monday announced that it had entered into an amended and restated precious metals stream agreement with Silver Wheaton, that would inject $135-million more into its coffers in exchange for half of the payable gold from the Constancia project, which was expected to start production at the end of 2014.
Read more: Wynne appeals to Stephen Harper for cash to develop northern Ontario mining
TORONTO Premier Kathleen Wynne is appealing directly to Prime Minister Stephen Harper for federal money to help develop the mineral rich Ring of Fire area in northern Ontario.
Wynne wrote Harper saying Ontario needs federal help with the estimated $2.25-billion cost of infrastructure needed to support mining development, including all-season roads to the remote region 500 kilometres northeast of Thunder Bay.
Wynne points out Ottawa has funded infrastructure projects in other provinces, including Alberta's oil sector, a transmission line in British Columbia and the Lower Churchill hydro project in Labrador.
Ontario is ready to make "a substantial contribution" to the infrastructure for the Ring of Fire, and Wynne told Harper she expects the federal government "to come to the table with matching funds."
She says it would be a good investment because the economic opportunity from the Ring of Fire is estimated to be in the $60-billion range.
The province has also announced the creation of a new development corporation for the Ring of Fire to bring together private and public partners, including First Nations, mining companies and both levels of government.
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