Hudbay Celebrates Major Milestone with Millionth Ounce of Gold Recovered from Lalor Mine
Hudbay Minerals has achieved a significant milestone by producing one million ounces of gold at its Lalor Mine in Snow Lake, Manitoba. The achievement highlights the company's successful combination of exploration expertise, processing infrastructure, and operational efficiency.
Key developments include the discovery of the Lalor deposit in 2007, achieving commercial production in 2014, and the strategic acquisition and refurbishment of the New Britannia gold mill. The mill has exceeded its design capacity, contributing to record gold production of 187,363 ounces in 2023, up from 77,376 ounces in 2020.
The Snow Lake operations continue to show strong potential with approximately two million ounces of contained gold in current mineral reserves and an additional 1.4 million ounces in inferred mineral resources. Hudbay expects to exceed its 2024 gold production guidance of 200,000 ounces and continues to execute one of the largest exploration programs in its history at Snow Lake.
Hudbay Minerals ha raggiunto un traguardo significativo producendo un milione di once d'oro presso la sua miniera di Lalor a Snow Lake, Manitoba. Questo riconoscimento evidenzia la combinazione di competenze esplorative, infrastrutture di lavorazione ed efficienza operativa dell'azienda.
I principali sviluppi includono la scoperta del deposito di Lalor nel 2007, l'inizio della produzione commerciale nel 2014 e l'acquisizione strategica e il ristrutturamento della frantoio d'oro New Britannia. L'impianto ha superato la sua capacità progettuale, contribuendo a una produzione record d'oro di 187.363 once nel 2023, rispetto alle 77.376 once nel 2020.
Le operazioni di Snow Lake continuano a mostrare un grande potenziale con circa due milioni di once d'oro contenuto nelle attuali riserve minerarie e ulteriori 1,4 milioni di once nelle risorse minerarie inferite. Hudbay si aspetta di superare la guida di produzione d'oro del 2024 di 200.000 once e continua a portare avanti uno dei più grandi programmi di esplorazione della sua storia a Snow Lake.
Hudbay Minerals ha alcanzado un hito significativo al producir un millón de onzas de oro en su mina de Lalor en Snow Lake, Manitoba. Este logro destaca la exitosa combinación de la experiencia en exploración, la infraestructura de procesamiento y la eficiencia operativa de la empresa.
Los desarrollos clave incluyen el descubrimiento del depósito de Lalor en 2007, la consecución de la producción comercial en 2014 y la adquisición estratégica y renovación del molino de oro New Britannia. El molino ha superado su capacidad de diseño, contribuyendo a una producción récord de oro de 187.363 onzas en 2023, en comparación con 77.376 onzas en 2020.
Las operaciones de Snow Lake siguen mostrando un fuerte potencial, con aproximadamente dos millones de onzas de oro contenido en las reservas minerales actuales y 1,4 millones de onzas adicionales en recursos minerales inferidos. Hudbay espera superar su guía de producción de oro de 2024 de 200.000 onzas y continúa ejecutando uno de los programas de exploración más grandes en su historia en Snow Lake.
Hudbay Minerals는 매니토바주 스노우 레이크에 위치한 랄로르 광산에서 백만 온스의 금을 생산하며 중요한 이정표를 세웠습니다. 이 성과는 탐사 전문성, 가공 인프라 및 운영 효율성을 성공적으로 결합한 회사의 역량을 강조합니다.
주요 발전 사항으로는 2007년 랄로르 광상 발견, 2014년 상업 생산 달성, 뉴 브리타니아 금 제련소의 전략적 인수 및 개조가 포함됩니다. 이 제련소는 설계 용량을 초과하여 2023년에 187,363온스의 기록적인 금 생산에 기여했으며, 이는 2020년의 77,376온스에서 증가한 수치입니다.
스노우 레이크에서의 운영은 현재 약 200만 온스의 금이 포함된 광물 매장량과 추가로 140만 온스의 추정 광물 자원으로 강력한 잠재력을 보이고 있습니다. Hudbay는 2024년 금 생산 목표인 200,000 온스를 초과할 것으로 기대하며, 스노우 레이크에서 역사상 가장 큰 탐사 프로그램 중 하나를 계속 실행하고 있습니다.
Hudbay Minerals a atteint un jalon important en produisant un million d'onces d'or dans sa mine de Lalor à Snow Lake, Manitoba. Cet accomplissement met en avant la combinaison réussie de l'expertise en exploration, de l'infrastructure de traitement et de l'efficacité opérationnelle de l'entreprise.
Les développements clés incluent la découverte du gisement de Lalor en 2007, le début de la production commerciale en 2014 ainsi que l'acquisition stratégique et la rénovation du moulin à or New Britannia. Le moulin a dépassé sa capacité de conception, contribuant à une production record d'or de 187.363 onces en 2023, contre 77.376 onces en 2020.
Les opérations de Snow Lake continuent de montrer un fort potentiel avec environ deux millions d'onces d'or dans les réserves minérales actuelles et 1,4 million d'onces supplémentaires dans les ressources minérales inférées. Hudbay s'attend à dépasser ses prévisions de production d'or de 200.000 onces pour 2024 et continue de mener l'un des plus grands programmes d'exploration de son histoire à Snow Lake.
Hudbay Minerals hat einen bedeutenden Meilenstein erreicht, indem es eine Million Unzen Gold in seiner Lalor Mine in Snow Lake, Manitoba, produziert hat. Dieser Erfolg hebt die gelungene Kombination von Erkundungsexpertise, Verarbeitungsinfrastruktur und Betriebseffizienz des Unternehmens hervor.
Wichtige Entwicklungen sind die Entdeckung des Lalor-Vorkommens im Jahr 2007, der Beginn der kommerziellen Produktion im Jahr 2014 und die strategische Akquisition und Renovierung der New Britannia Goldmühle. Die Mühle hat ihre Designkapazität überschritten und trug zu einem Rekord von 187.363 Unzen Goldproduktion im Jahr 2023 bei, ein Anstieg von 77.376 Unzen im Jahr 2020.
Die Aktivitäten in Snow Lake zeigen weiterhin ein starkes Potenzial mit etwa zwei Millionen Unzen Gold in den aktuellen Mineralreserven und zusätzlichen 1,4 Millionen Unzen in geschätzten Mineralressourcen. Hudbay erwartet, die Produktionsprognose von 200.000 Unzen Gold für 2024 zu übertreffen und setzt ein Programm zur Exploration, das zu den größten in der Unternehmensgeschichte gehört, in Snow Lake fort.
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TORONTO, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) is pleased to announce that it has surpassed a total of one million ounces of gold produced at its Lalor Mine in Snow Lake, Manitoba. This milestone reinforces the significant value Hudbay has unlocked by combining its exploration expertise, processing infrastructure and operating efficiency to maximize gold production at its Snow Lake operations.
“We are so pleased with the dedication and hard work of the Manitoba operating team that has led to this outstanding achievement,” said Peter Kukielski, President and Chief Executive Officer. “This milestone underscores Lalor’s robust performance and is the result of strategic investments, continuous operational improvements and exploration success, along with the team’s focus on building a long-term sustainable business. Hudbay’s long standing history in Manitoba and significant future exploration initiatives will continue to drive prosperity in the region and generate significant future cash flows for the business.”
“Reaching one million ounces of gold recovered from Lalor is a momentous achievement,” said Rob Carter, Vice President, Manitoba Business Unit. “This milestone reflects the dedication, hard work, and innovative spirit of our entire team, and I am incredibly proud of their accomplishments. This achievement sets the stage for continued success, demonstrating the enduring value of the Lalor deposit and propelling us towards continued growth and success through innovative and efficient mining and milling solutions."
Key Snow Lake gold highlights:
- 2007 – Hudbay discovered the Lalor deposit with the intersection of a zinc-rich base metal zone.
- 2009 – Hudbay discovered new gold and copper-gold zones down plunge at Lalor and released a conceptual gold resource estimate.
- 2010 – Construction of the Lalor mine commenced.
- 2014 – Lalor achieved commercial production, initially from the upper base metal ore zones, while significant gold resources remained undeveloped at depth.
- 2015 – Hudbay acquired the New Britannia gold mill in Snow Lake to provide a potential gold processing solution that would augment existing base metal processing at the Stall mill.
- 2016 to 2018 – Completed additional work on the Lalor gold zones to confirm and upgrade mineral resource estimates.
- 2019 – Began executing a multi-phased gold strategy in Snow Lake focused on increased annual gold production from optimization initiatives, including the decision to refurbish New Britannia to increase processing capacity and achieve higher recoveries for Lalor’s gold ore.
- 2021 – Successful start-up of the New Britannia mill in late 2021.
- 2022 – First full year of operations at New Britannia delivered an approximate
90% increase in annual gold production from Snow Lake to 146,449 ounces in 2022, compared to 77,376 ounces in 2020. - 2023 – The New Britannia mill achieved record throughput levels averaging 1,650 tonnes per day, exceeding its design capacity of 1,500 tonnes per day, which contributed to record annual gold production of 187,363 ounces in 2023.
- 2024 – New Britannia continued to achieve new record throughput levels above the budgeted 1,800 tonnes per day, which contributed to the Snow Lake operations achieving record quarterly gold production in the third quarter of 2024. As disclosed in the company’s third quarter 2024 results, Hudbay expects gold production in Manitoba to exceed the top end of the 2024 gold production guidance range of 200,000 ounces.
- December 2024 – The Snow Lake operations achieved historic milestone of one million ounces of gold recovered from ore at the Lalor mine.
With approximately two million ounces of contained gold in current mineral reserve estimates and another 1.4 million ounces of contained gold in inferred mineral resources, Hudbay expects to continue to unlock significant value in Snow Lake and looks forward to further growing the mineral resource base through regional exploration as the company continues to execute one of the largest exploration programs in its history in Snow Lake.
Qualified Person and NI 43-101
The technical and scientific information in this news release related to the company’s Snow Lake properties has been approved by Olivier Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the company’s material properties as filed by Hudbay on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), litigation, regulatory and landholding risks associated with the Manitoba Business Unit as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual Information Form.
Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations, Financial Analysis and External Communications
(416) 814-4387
investor.relations@hudbay.com
FAQ
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