-- Strong Revenue and Cash Flow Continues -- - Revenue of $319.8
million and $1,027.2 million year-to-date - Operating cash flow(1) of
$113.9 million increases cash position to $702.9 million at Sept. 30,
2007 - Cash cost per pound of zinc sold, net of by-product credits
"negative" US$0.15 - Earnings before tax of $94.3 million and $333.7
million year-to-date - Net earnings of $66.5 million and $198.7 million
year-to-date - Significant tax pools continue to shelter cash income
taxes - Significant Lalor Lake discovery - indicative potential of
18-20 million tonnes at 7.7% to 8.8% zinc(2)
WINNIPEG, MANITOBA, Nov 8, 2007 (Marketwire via COMTEX News
Network) --
HudBay Minerals Inc. (TSX:HBM) (HudBay or the Company) today announced
revenue of $319.8 million for the quarter ended September 30, 2007,
compared with $346.2 million in the third quarter of 2006, contributing
to net earnings of $66.5 million versus $169.4 million a year earlier.
Operating cash flow for the quarter was $113.9 million compared with
$166.0 million in the third quarter of 2006. Financial results were
strong despite the appreciation of the Canadian dollar, which negatively
affected third quarter revenues by an estimated $23 million and
earnings before tax by approximately $16.8 million.
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------
Three months Nine months
ended Sept. 30 ended Sept. 30
($000's except per --------------------------------------------
share amounts) 2007 2006 2007 2006
-------------------------------------------------------------------------
Revenue 319,805 346,203 1,027,245 815,893
-------------------------------------------------------------------------
Earnings before tax 94,266 151,582 333,734 307,815
-------------------------------------------------------------------------
Net Earnings 66,465 169,381 198,680 398,203
-------------------------------------------------------------------------
Basic EPS(3) 0.52 1.37 1.57 4.00
-------------------------------------------------------------------------
EBITDA(4) 118,414 163,281 411,052 359,870
-------------------------------------------------------------------------
Operating cash flow(1) 113,921 165,987 394,081 342,289
-------------------------------------------------------------------------
Cash and cash equivalents(5) 702,883 311,011 702,883 311,011
-------------------------------------------------------------------------
Total Assets(5) 1,502,107 1,173,651 1,502,107 1,173,651
--------------------------------------------------------------------------
The bracketed values that follow denote the comparative figures for the respective periods in 2006.
"Our
production performance was strong for the quarter and year to date,"
said Peter Jones, President & CEO. "We're firmly on track, and our
exploration program has delivered the Lalor Lake discovery - which
positions HudBay well for the longer term."
(1) Operating cash flow excluding changes in non-cash working capital.
(2)
The estimate of potential tonnes and grade of the Lalor Lake potential
mineral deposit are conceptual in nature. There has been insufficient
exploration to define a mineral resource and it is uncertain if further
exploration will result in the Lalor Lake deposit being delineated as a
mineral resource. Further details are available in HudBay's news release
dated October 23, 2007.
(3) Earnings per share
(4)
Earnings before
interest, taxes, depreciation and amortization, loss/gain on derivative
instruments, interest and other income, exploration and other.
(5) At September 30th.
OPERATING HIGHLIGHTS
--------------------------------------------------------------------------
Three months ended Nine months ended
Sept. 30 Sept. 30
--------------------------------------------------------------------------
Production 2007 2006 2007 2006
--------------------------------------------------------------------------
Zinc(6) tonnes 32,673 34,734 94,886 91,294
--------------------------------------------------------------------------
Copper tonnes 22,325 24,279 66,801 65,031
--------------------------------------------------------------------------
Gold troy oz. 24,535 24,473 76,365 69,809
--------------------------------------------------------------------------
Silver troy oz. 364,994 346,542 1,061,040 1,001,964
--------------------------------------------------------------------------
Metal Sold(7)
--------------------------------------------------------------------------
Zinc, including
sales to Zochem(8) tonnes 33,703 29,588 98,681 79,534
--------------------------------------------------------------------------
Copper tonnes 21,218 23,343 68,445 59,494
--------------------------------------------------------------------------
Gold troy oz. 24,755 20,901 78,167 60,809
--------------------------------------------------------------------------
Silver troy oz. 329,318 313,117 1,023,714 899,597
--------------------------------------------------------------------------
Financial and Operating Results
Earnings
Net earnings
were $66.5 million for the quarter, or $0.52 per share ($169.4 million,
or $1.37 per share). The lower net earnings are primarily attributable
to:
- higher tax expense of $45.6 million, largely due to future
tax expense recognized as the Company draws down its future tax asset;
- the effect of the appreciating Canadian dollar, estimated at $16.8 million;
- lower copper sales volumes, offset in part by higher zinc sales volumes, resulting in lower revenues;
- higher volumes of purchased zinc and copper concentrates, which increased operating expenses by $13.2 million;
- lower profit sharing expenses, which decreased operating expenses by $7.3 million;
- higher depreciation and amortization expense, which increased by $7.3 million; and
- higher exploration expense
of $6.6 million, as part of HudBay's $45.2 million exploration program for 2007.
During
the first nine months of 2007 (year to date) net earnings were $198.7
million or $1.57 per share ($398.2 million or $4.00 per share). The
lower net earnings are primarily attributable to:
- higher tax
expense of $225.4 million, largely due to future tax expense recognized
as the Company draws down its future tax asset;
- the effect of the appreciating Canadian dollar, estimated at $35.2 million;
- higher depreciation and amortization expense, which increased by $21.4 million; and
- higher exploration expense of $17.8 million.
(6) Production includes Balmat payable metal in concentrate shipped, including pre-commercial production in 2006.
(7) Excludes inventory changes at Considar Metal Marketing Inc.
(8) Zinc sales include sales to Zochem and the
Balmat payable metal in concentrate shipped (including to HBMS) in 2007.
Partially
offsetting these negative impacts were higher revenues from increased
year over year sales volumes and metal prices net of increased operating
and other costs.
Adding back non-cash tax expense in the quarter
of $22.6 million and excluding the unfavourable $16 million impact(9)
from the appreciation in the Canadian dollar versus the US dollar,
HudBay's Q3 2007 net earnings on this basis were $105 million. Year to
date earnings on this basis were $337.3 million. The Company continues
to benefit from its significant tax pools, and minimal cash income taxes
were paid year to date. The benefit of these tax pools is expected to
continue for the balance of 2007, resulting in minimal cash income taxes
this year. The Company expects to continue to pay Manitoba mining taxes
in 2007.
Revenue
Total revenue for Q3 2007 was $319.8 million ($346.2 million)
reflecting the negative $23 million impact of the appreciation in the
Canadian dollar versus the US dollar, lower copper sales volumes and
marginally lower prices for zinc and copper in Q3 2007. This was
partially offset by higher sales volumes for zinc, gold and silver,
together with higher realized prices for gold and silver. Total revenue
year to date was $1,027.2 million ($815.9 million) reflecting higher
metal sales volumes together with higher realized metal prices year to
date 2007. This was partially offset by appreciation in the Canadian
dollar versus the US dollar.
Through the third quarter, the
Company continued to receive attractive prices, which include finished
metal premiums that were above LME averages.
Realized Metal Prices(1) and Exchange Rate
---------------------------------------------------------------------------
HudBay Realized Prices (1)
Q3 2007 Three Months Ended Nine Months Ended
----------------------------------------------
Average Sept 30 Sept 30 % Sept 30 Sept 30 %
Prices(2) 2007 2006 Change 2007 2006 Change
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Prices in USD
Zinc US$/lb. 1.46 1.56 1.58 (1%) 1.66 1.34 24%
Copper US$/lb. 3.50 3.55 3.58 (1%) 3.28 3.15 4%
Gold US$/troy oz. 681 680 675 1% 664 603 10%
Silver US$/troy oz. 12.70 13.04 12.35 6% 13.28 10.97 21%
Prices in Cdn
Zinc C$/lb. 1.53 1.63 1.67 (2%) 1.83 1.79 2%
Copper C$/lb. 3.66 3.72 4.02 (7%) 3.62 3.55 2%
Gold C$/troy oz. 711 706 766 (8%) 732 664 10%
Silver C$/troy oz. 13.27 13.52 13.85 (2%) 14.64 12.45 18%
---------------------------------------------------------------------------
C$/US$ exchange rate 1.05 1.05 1.12 (6%) 1.10 1.13 (3%)
---------------------------------------------------------------------------
(1) Realized prices are before refining and treatment charges.
(2) London Metals Exchange ("LME") average for zinc, copper and gold prices, London Spot US equivalent for silver prices.
(9) Net of current taxes.
Operating Expenses
Operating
expenses for Q3 2007 were $188.8 million ($173.5 million). The Q3 2007
increases are primarily attributable to increased sales volumes and
higher costs of production. Sales of zinc, gold and silver were all
higher in Q3 2007 while copper sales volumes were somewhat lower.
Increased costs of production are from higher volumes for purchased zinc
and copper concentrates, commercial production at Balmat as well as
generally higher costs for mining and processing operations. The impact
of the appreciating Canadian dollar and lower employee profit sharing
costs also contributed to the year over year change in operating
expenses.
Operating expenses during the first nine months of 2007
were $570.7 million ($434.4 million). The year to date 2007 increases
are attributable to significant increases in sales volumes and higher
costs of production. Sales of zinc metal were 24% higher and sales of
copper metal were 15% higher. Increased costs of production are from
higher volumes for purchased zinc and copper concentrates, commercial
production at Balmat and generally higher costs for mining and
processing operations, net of the impact from the appreciating Canadian
dollar.
HudBay's Q3 2007 cash cost per pound of zinc sold, net of
by-product credits, was negative US$0.15 (negative US$0.82) and year to
date was US$0.26 (negative US$0.52). A reconciliation of this non-GAAP
measure is provided in the Company's Q3 2007 MD&A.
Depreciation
and amortization increased in Q3 2007 to $23.9 million
($16.6 million) and increased to $69.1 million year to date ($47.7
million). The increases primarily reflect the inclusion of Balmat
beginning Q1 2007, increased depreciation and amortization expense at
the Trout Lake mine and higher production tonnage at the 777 mine.
Tax Expense
Tax
expense in Q3 2007 was $27.8 million compared with a net tax benefit of
$17.8 million in Q3 2006. The Q3 2007 tax expense comprises $21.5
million of income tax expense ($28.0 million tax benefit) and $6.3
million of mining tax expense ($10.2 million). Certain previously
unrecognized tax losses have been recognized in the quarter, having the
effect of increasing the future tax asset and reducing tax expense.
Year
to date tax expense was $135.1 million compared with a net tax benefit
of $90.4 million in the first nine months of 2006. The year to date tax
expense is comprised of $98.9
million of income tax expense ($109.0 million benefit) and $36.2 million
of mining tax expense ($18.6 million). Importantly, the income tax
portion is largely a non-cash expense due to the draw down of the
Company's tax asset, which was recognized in 2006 and is associated with
prior losses.
CORPORATE HIGHLIGHTS
2007 Exploration Program Delivering Results
HudBay continues to make excellent progress in the execution of its 2007 exploration program.
1.
Significant New Zinc Discovery at Lalor Lake - On October 23, 2007
HudBay announced additional results from its diamond drill program at
the Lalor Lake mineral property in the Flin Flon Greenstone Belt. To
date 25 drill holes have been completed or are in progress. Based on
data from 16 holes that contain widths and mineralization which have
been used in the conceptual estimate, indications are potentially 18 to
20 million tonnes at 7.7% to 8.8% zinc(10). Encouraging precious metal
assays were not included in the estimate and may provide additional
exploration potential. The Lalor Lake deposit is near HudBay's Snow Lake
concentrator which has significant additional capacity.(11)
2.
First half 2007 Exploration Update -- HudBay's $45.2 million exploration
program for 2007 includes drilling of electromagnetic anomalies, known
deposits, structural re-interpretations to discover new ore bodies as
well as exploration in our operating mines to potentially increase our
ore reserves and extend the life of our existing mines. Land holdings
now total 422,079 hectares including 381,874 hectares in the Flin Flon
Greenstone Belt. Year to date, approximately $31.3 million ($11.4
million) was spent on exploration activities at all locations.
3.
NI 43-101 Report Completed on Tom and Jason Deposits
-- In July 2007, HudBay completed a National Instrument 43-101 compliant
in-situ mineral resource estimate for its Tom and Jason deposits in the
Yukon Territory. The mineral resource estimate for the two deposits
totalled 6.43 million tonnes of indicated mineral resources grading
6.33% zinc, 5.05% lead and 56.55 grams per tonne silver and 24.55
million tonnes of inferred mineral resources grading 6.71% zinc, 3.48%
lead and 33.85 grams per tonne silver. This confirmed the combined
deposits as one of the largest undeveloped zinc/lead deposits in North
America. The Tom and Jason deposits are located in close proximity to
each other on a property of 5,278 hectares, close to the Yukon-
Northwest Territories border. The property is approximately 400 km east
of Whitehorse where the deposits straddle the North Canol Road and share
a common airstrip.(12)
4. VMS Venture Option Agreement --
In August 2007, HudBay announced it had entered into an option agreement
with VMS Ventures Inc. (VMS) covering 573 hectares in the Snow Lake
area of Manitoba. The agreement builds on HudBay's own $45.2 million
exploration program for 2007 and further leverages the Company's
exploration opportunities. With the VMS agreement, HudBay now has option
agreements in place with six mineral exploration companies in the Flin
Flon Greenstone Belt.
Health, Safety, Environment and Product Quality
HudBay's
lost time accident frequency rate, based on 200,000 hours worked was
0.9 year to date, unchanged from the same period in 2006. During the
third quarter of 2007, the White Pine Copper Refinery received
notification after external audit that it was being recommended for
certification to OHSAS 18001:1999, ISO 14001:2004 and ISO 9001:2000.
There were no significant environmental
non-compliances during the quarter.
(10) The estimate of
potential tonnes and grade of the Lalor Lake potential mineral deposit
are conceptual in nature. The basis upon which the disclosed potential
tonnes and grade has been determined is provided in HudBay's news
release dated October 23, 2007. There has been insufficient exploration
to define a mineral resource and it is uncertain if further exploration
will result in the Lalor Lake deposit being delineated as a mineral
resource.
(11) See news release dated October 23, 2007 - "HudBay Announces Significant New Zinc Discovery at Lalor Lake".
(12) See news release dated July 6, 2007 - "HudBay Substantially Increases Mineral Resources".
For
further information, please see attached hereto selected financial
information for the periods ended September 30, 2007 and 2006. Please
also see HudBay's financial
statements together with Management's Discussion and Analysis of
Operations and Financial Condition for the three and nine months ended
September 30, 2007. A copy of HudBay's financial statements for the
three and nine months ended September 30, 2007 and September 30, 2006 as
well as its MD&A for the three and nine months ended September 30,
2007 are available under the profile of HudBay on SEDAR at www.sedar.com and on the HudBay website at www.hudbayminerals.com.
About HudBay Minerals Inc.
HudBay
Minerals Inc. is an integrated mining company operating mines,
concentrators and a metal production facility in northern Manitoba and
Saskatchewan. HudBay also owns a zinc oxide production facility in
Ontario, the White Pine copper refinery in Michigan and the Balmat
zinc mine operations in New York state. HudBay is a member of the
S&P/TSX Composite Index and the S&P/TSX Global
Mining Index.
Forward-Looking Information
This news
release contains "forward-looking information", within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, information with respect to taxation
policies and pools, possible results with respect to the Lalor Lake
property, HudBay's exploration program and planned expenditures as well
as HudBay's future prospects. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "seeks", "expects", "budget" or variations of such words or
state that certain actions, events or results "may", "could", "will",
"will be", "would be" or "is expected to be". Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of HudBay to be materially different from
those expressed or implied by such forward-looking information,
including risks associated with the mining industry such as economic
factors, government regulation and approvals, environmental risks,
actual results of exploration activities, future commodity prices,
capital expenditures, possible variations in ore reserves, resources,
grade or recovery rates, requirements for additional capital, taxation
policies, changes in project parameters as plans continue to be refined,
conclusions of economic evaluations as well as those factors discussed
in the section entitled "Risk Factors" in HudBay's Annual Information
Form for the year ended December 31, 2006, available on www.sedar.com.
Although HudBay has attempted to identify important factors that could
cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such information. Accordingly, readers should not place undue
reliance on forward-looking information. HudBay does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
(HBM-F)
To view the Management's Discussion and Analysis, please click the following link:
http://www.ccnmatthews.com/docs/hbmmdaQ307.pdf
To view the Financial Statements, please click the following link:
http://www.ccnmatthews.com/docs/hbmifsQ307.pdf
HudBay Minerals Inc.
Consolidated Statements of Earnings
Unaudited
(In thousands of Canadian dollars, except share and per share amounts)
Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Revenue
(note 14) $ 319,805 $ 346,203 $ 1,027,245 $ 815,893
---------------------------------------------------------------------------
Expenses:
Operating 188,817 173,533 570,669 434,362
Depreciation
and amortization 23,919 16,552 69,087 47,743
General and
administrative 3,676 4,431 13,147 12,603
Stock-based
compensation
(note 10e) 3,227 1,221 10,010 5,295
Accretion of
asset retirement
obligation 789 636 2,367 1,955
Foreign
exchange loss 4,882 3,101 20,000 1,808
---------------------------------------------------------------------------
225,310 199,474 685,280 503,766
---------------------------------------------------------------------------
Operating
earnings 94,495 146,729 341,965 312,127
Exploration (8,583) (1,961) (26,844) (8,966)
Interest and
other income 7,563 5,893 26,371 9,037
Gain (loss) on
derivative
instruments 1,425 4,737 (6,635) 18,289
Interest expense (289) (1,679) (1,104) (9,712)
Other (345) (2,137) (19) (12,960)
---------------------------------------------------------------------------
Earnings
before tax 94,266 151,582 333,734 307,815
Tax expense
(benefit)
(note 9a) 27,801 (17,799) 135,054 (90,388)
---------------------------------------------------------------------------
Net earnings
for the period $ 66,465 $ 169,381 $ 198,680 $ 398,203
---------------------------------------------------------------------------
Earnings per
share:
Basic $ 0.52 $ 1.37 $ 1.57 $ 4.00
Diluted $ 0.52 $ 1.33 $ 1.55 $ 3.38
Weighted
average
number of
common
shares
outstanding
(note 10f)
Basic 127,265,301 123,318,115 126,690,856 99,487,949
Diluted 128,711,726 127,270,583 128,465,734 117,690,202
See accompanying notes to interim consolidated financial statements.
HudBay Minerals Inc.
Consolidated Statements of Retained Earnings
Unaudited
(In thousands of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Retained earnings, beginning
of period $ 773,933 $ 307,554 $ 642,723 $ 78,732
Net earnings for the period 66,465 169,381 198,680 398,203
Transition adjustment -
financial instruments
(note 3a) - - (1,005) -
---------------------------------------------------------------------------
Retained earnings, end of
period $ 840,398 $ 476,935 $ 840,398 $ 476,935
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
Unaudited
(In thousands of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Net earnings for the period $ 66,465 $ 169,381 $ 198,680 $ 398,203
Other comprehensive income
(loss), net of tax (note 11) (6,751) - (23,125) -
---------------------------------------------------------------------------
Comprehensive income, end of
period $ 59,714 $ 169,381 $ 175,555 $ 398,203
---------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
HudBay Minerals Inc.
Consolidated Balance Sheets
Unaudited
(In thousands of Canadian dollars)
September 30, 2007 December 31, 2006
---------------------------------------------------------------------------
Assets:
Current assets:
Cash and cash equivalents $ 702,883 $ 385,864
Accounts receivable 88,785 132,275
Inventories 166,261 163,842
Prepaid expenses 3,702 7,288
Current portion of fair value of
derivatives (note 12b) 5,239 2,579
Future income and mining tax assets
(note 9b) 66,507 154,063
---------------------------------------------------------------------------
1,033,377 845,911
Property, plant and equipment (note 4) 453,201 444,044
Other assets (note 5) 15,529 28,560
---------------------------------------------------------------------------
$ 1,502,107 $ 1,318,515
---------------------------------------------------------------------------
Liabilities and Shareholders' Equity:
Current liabilities:
Accounts payable and accrued liabilities $ 123,406 $ 139,922
Taxes payable 12,762 30,217
Current portion of other liabilities
(note 6) 36,717 28,087
---------------------------------------------------------------------------
172,885 198,226
Long-term debt (note 7) 3,140 10,214
Pension obligations 39,431 41,675
Other employee future benefits 68,673 65,083
Asset retirement obligations 34,355 33,548
Fair value of derivatives (note 12b) 30,880 -
Obligations under capital leases 2,806 4,979
Future income tax liabilities (note 9b) 582 582
---------------------------------------------------------------------------
$ 352,752 $ 354,307
---------------------------------------------------------------------------
Shareholders' equity:
Share capital:
Common shares (note 10b) 311,477 308,441
Warrants (note 10c) 1 3
Contributed surplus (note 10e) 20,193 13,098
Cumulative translation adjustment - (57)
Retained earnings 840,398 642,723
Accumulated other comprehensive income
(loss) (note 11) (22,714) -
---------------------------------------------------------------------------
1,149,355 964,208
---------------------------------------------------------------------------
$ 1,502,107 $ 1,318,515
---------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
HudBay Minerals Inc.
Consolidated Statements of Cash Flows
Unaudited
(In thousands of Canadian dollars)
Three months ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
Cash provided by (used in):
Operating activities:
Net earnings for the period $ 66,465 $ 169,381 $ 198,680 $ 398,203
Items not affecting cash:
Depreciation and amortization 23,919 16,552 69,087 47,743
Future tax expense (benefit) 22,616 (28,381) 106,415 (110,024)
Foreign exchange (gain) loss (312) 6,410 8,434 1,067
Accretion expense on asset
retirement obligation 789 636 2,367 1,955
Stock-based compensation 3,227 1,221 10,010 5,295
Change in fair value of
derivatives (2,777) 5,321 3,488 (1,675)
Gain on divestiture of
Scozinc - (1,655) - (1,655)
Other (6) (3,498) (4,400) 1,380
---------------------------------------------------------------------------
113,921 165,987 394,081 342,289
Change in non-cash working
capital (note 13a) 52,386 3,034 11,127 (62,788)
---------------------------------------------------------------------------
166,307 169,021 405,208 279,501
---------------------------------------------------------------------------
Financing activities:
Repayment of loans payable - - (4,000) (4,000)
Repayment of senior secured
notes - (13,128) - (124,646)
Repayment of obligations under
capital leases (996) (963) (2,988) (2,849)
Issuance of common shares, net
of cost - (320) - 16,638
Proceeds on exercise of stock
options 1,437 1,077 7,359 4,825
Proceeds on exercise of
warrants - 65,440 10 109,728
---------------------------------------------------------------------------
441 52,106 381 (304)
---------------------------------------------------------------------------
Investing activities:
Additions to property, plant
and equipment (28,592) (24,725) (79,082) (92,883)
Acquisition of White Pine
Copper Refinery, Inc.,
net of cash acquired - - - (17,041)
Divestiture of Scozinc - 7,412 - 7,412
Purchase of investments - - (400) -
Additions to environmental
deposits - (1) - 62
---------------------------------------------------------------------------
(28,592) (17,314) (79,482) (102,450)
---------------------------------------------------------------------------
Effect of exchange rate
changes on cash and cash
equivalents 42 (6,242) (9,088) (7,396)
---------------------------------------------------------------------------
Change in cash and cash
equivalents 138,198 197,571 317,019 169,351
Cash and cash equivalents,
beginning of
period 564,685 113,440 385,864 141,660
---------------------------------------------------------------------------
Cash and cash equivalents, end
of period $ 702,883 $ 311,011 $ 702,883 $ 311,011
---------------------------------------------------------------------------
Cash and cash equivalents
are comprised of:
Cash on hand and demand
deposits $ 47,819 $ 136,821 $ 47,819 $ 136,821
Money market instruments 655,064 174,190 655,064 174,190
---------------------------------------------------------------------------
$ 702,883 $ 311,011 $ 702,883 $ 311,011
---------------------------------------------------------------------------
See accompanying notes to interim consolidated financial statements.
SOURCE: HudBay Minerals Inc.
HudBay Minerals Inc.
Brad Woods
Director Investor Relations
(204) 949-4272
Email: brad.woods@hbms.ca
Website: www.hudbayminerals.com
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