Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
Integrated Canadian miner Hudbay Minerals (TSE:HBM) is off 5% to $10.82 after announcing today that copper production will decrease in 2013 due to the closures of its Trout Lake and Chisel North mines.
The company said the mines had reached the end of their mine lives.
Capital expenditures for its Lalor project near Snow Lake rose. Hudbay has spent approximately C$316.5 million of the $704 million capital construction budget, but will have to invest an additional $89.7 million.
In 2013 Hudbay Minerals expects to produce 33,000-38,000 tonnes of copper, 85,000-100,000 tonnes of zinc and 85,000-105,000 of precious metals.
The company’s 52-week range is $7.11 to $12.54.
