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Canadian base-metals miner Hudbay Minerals (TSX:HBM)(NYSE:HBM), rose the capital cost estimated of its giant Constancia copper project in Peru by about 50% to $1.5 billion, mentioning both scope changes and inflation as reasons.
In a press release, the company said that proven and probable mineral reserves increased for the second consecutive year by 5% to 3.2 million tonnes, including 3.5 million ounces of precious metal equivalent proven and probable reserves.
Exploration success accounted for approximately 90% of the increase in copper equivalent reserves and resources and 75% of the increase in precious metals equivalent reserves and resources, with the balance due to revised commodity price and exchange rate assumptions.
On a per share basis(3), Hudbay’s copper equivalent proven and probable reserves grew to 41.3 pounds per share compared to 39.2 pounds per share in 2011. Copper equivalent measured and indicated resources grew to 11.9 pounds per share compared to 9.1 pounds per share in 2011 and copper equivalent inferred resources grew to 21.6 pounds per share compared to 19.8 pounds per share in 2011.
“The continued growth in our metal reserves and resources per share demonstrates our success in providing our shareholders increasing leverage to commodity prices,” said David Garofalo, president and CEO. “We added more reserves and resources at Lalor and the initial resource at the higher grade Pampacancha deposit speaks to the value we have added to the Constancia project since we acquired it only one year ago.”
For more information, read the company’s news release.
