Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
Shares of Hudbay Minerals (TSX, NYSE: HBM) rose on Wednesday following the release of third quarter results that were headlined by a new gold production record from its Manitoba operations.
During the three-month period ended Sept. 30, Hudbay’s Manitoba operations, comprising the Lalor mine and newly refurbished New Britannia mill, produced 62,468 oz. of gold.
Globally, its total gold production reached 89,073 oz. for the quarter.
“New Britannia continues to operate well above nameplate and budgeted throughput levels, and the Lalor mine continues to achieve better-than-expected gold grades,” Hudbay said in a news release.
The cash cost per ounce of gold produced in Manitoba was $372 in the third quarter of 2024, a decrease of 52% compared to the second quarter of 2024.
The company said it expects gold production in Manitoba to exceed the upper end of its 2024 guidance range of 200,000 oz.
In its Q3 results, Hudbay also reported consolidated copper production of 31,354 tonnes, in line with its quarterly production cadence and representing a 10% increase over the second quarter of 2024.
As a result, the company has reaffirmed its full-year 2024 consolidated production guidance for all metals.
The miner also reported revenue of $485.8 million and operating cash flow, before changes in non-cash working capital, of $186.3 million for the third quarter of 2024.
Hudbay’s NYSE-listed shares gained 1.6% by 12:00 p.m. ET following its Q3 2024 results release, lifting the company’s market capitalization to approximately $3.4 billion.
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