On the financial front, Hudbay recorded net earnings of $32.1 million for the second quarter of 2022, compared with $63.8 million in Q1 2022.

The investment from the Ontario Teachers’ Pension Plan Board will be used to move the copper project towards commercial production.

The Canadian miner posted adjusted earnings of C$1.7 million for the three months ended June 30, a 96% drop from Q2 2021.

The miner reported its operating and financial results for the second quarter, posting a loss of $77.4 million after reporting a profit in the same period a year earlier.

The project was previously put on hold in 2014 after softer gold prices discouraged the JV from proceeding with a feasibility study.  

St Barbara could be forced to suspend its Touquoy mine soon should it fail to receive government approval for a proposed tailings capacity expansion.

The Goldboro Phase 1 open pit is expected to produce 100,000 oz. of gold per year at an average grade of 2.26 g/t over an 11-year mine life.

The company had previously aimed to reopen the mine operation by the end of June.