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Hudbay Third Quarter 2007 Results

November 08, 2007

-- 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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