HudBay Mineral’s (TSE:HBM) Reed copper project in Manitoba got the go ahead from the company’s board of directors on Monday.
The board approved a capital investment of $71 million towards the construction of the 70% owned copper project.
By 2013 the company believes the Reed will be producing 1,300 tonnes of ore per day. Ore will then be trucked to HudBay’s Flin Flon concentrator.
Expected annual copper production in concentrate will average 17,000 tonnes over the five year mine life.
HudBay’s board approved a total capital investment budget of $391 million, including $296 million in growth initiatives.
Investment in exploration of approximately $54 million, which includes $31 million in grassroots efforts in the Flin Flon Greenstone Belt, $13 million in South America and $10 million on other North American exploration initiatives.
HudBay Minerals Inc. is a Canadian integrated mining company with assets in North and Central America principally focused on the discovery, production and marketing of base metals.
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