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Thu, Jan. 14, 1:23 PM
- HudBay Minerals (HBM -12.2%) is sharply lower after saying its FY 2015 production of copper, zinc and precious metals was within guidance ranges in both its Manitoba and South America units.
- HBM forecasts 2016 copper, zinc and precious metals production to rise 12%, 9% and 16% Y/Y at each respective midpoint, reflecting the first full year of capacity at its Constancia mine in Peru.
- HBM says it plans to cut 2016 capex by more than 20% to ~$300M.
- Barclays downgrades shares to Underweight from Overweight and cuts its price target to $4 from $10.
Dec. 7, 2015, 5:58 PM
- Incoming Goldcorp (NYSE:GG) CEO David Garofalo tells Financial Post that for the first time in his career, he is "inheriting a company that’s actually running very smoothly."
- Under Chuck Jeannes, set to retire in April, GG has grown to the point where it is now the world’s most valuable gold miner, but the bigger question for investors is what lies ahead, as the miner expects production to top out at 3.4M-3.7M oz. in 2017 and decline after that.
- Garofalo tells FP there are clear parallels between the strategies of his current company, HudBay (NYSE:HBM), and Goldcorp: Both companies have built nearly all the mines they operate, both like to acquire early-stage projects and add value themselves through drilling and construction, and both have sold plenty of non-core assets that do not fit their long-term plans.
- "Garofalo’s challenge will be to lead a more mature company that has transitioned from being an upstart to one of the industry’s largest companies,” TD Securities analyst Greg Barnes says, noting that other precious metals miners struggled to grow once they got as big as GG.
Dec. 4, 2015, 5:11 PM
- Goldcorp (NYSE:GG) says CEO Chuck Jeannes will retire following its annual general meeting in April, to be succeeded by HudBay Minerals (NYSE:HBM) President and CEO David Garofalo.
- Garofalo is a 25-year veteran of the natural resources sector, serving most recently as HBM's President and CEO since 2010; before joining HBM, he was senior VP and CFO of Agnico-Eagle Mines from 1998.
- Jeannes has led GG since 2007 and has been with the company and its Glamis Gold predecessor for nearly 17 years.
Nov. 5, 2015, 5:02 PM
- Hudbay Minerals (NYSE:HBM): Q3 EPS of -$0.05 misses by $0.16.
- Revenue of $269.8M (+58.5% Y/Y) misses by $88.99M.
Nov. 4, 2015, 5:35 PM
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Oct. 7, 2015, 5:39 PM
Sep. 2, 2015, 11:29 AM
- Rio Tinto (RIO +1.3%) owns more than half of the shares of Turquoise Hill Resources (TRQ -1.7%), and likely will buy out the shares it does not already own in the next 12-18 months, CIBC analyst Tom Meyer predicts.
- Rio will make its move once key risks from the Oyu Tolgoi copper-gold project in Mongolia are removed, the analyst says, such as financing, a cost update on Oyu Tolgoi’s underground development, and next year’s Mongolian election.
- But Meyer maintains an Underperform rating and $4 price target on TRQ in a relative valuation call, saying higher-cost, higher-leveraged copper plays such as First Quantum Minerals (OTCPK:FQVLF) and HudBay Minerals (NYSE:HBM) offer more upside if commodity prices go up in the short term.
Jul. 29, 2015, 5:08 PM
- Hudbay Minerals (NYSE:HBM): Q2 EPS of -$0.24 may not be comparable to consensus of $0.12.
- Revenue of $185.78M (+33.3% Y/Y) misses by $179.79M.
Jul. 8, 2015, 6:17 PM
- BHP Billiton (NYSE:BHP), Teck Resources (NYSE:TCK), HudBay Minerals (NYSE:HBM) and China Molybdenum reportedly are among the companies that submitted final bids for Barrick Gold’s (NYSE:ABX) Zaldivar copper mine in Chile.
- A final decision on the mine, valued at more than $2B, is expected by the first week of August, Bloomberg reports, which adds that some of the bidders are interested in the whole asset even though ABX is seeking a buyer for only 50%.
- Zaldivar produced 222M lbs. of copper in 2014, and contained proven and probable copper reserves of 5.56B lbs. at year-end 2014.
Jun. 18, 2015, 8:59 AM
- Former Xstrata boss Mick Davis' X2 Resources is out of the race for a stake of up to 50% of Barrick Gold's (NYSE:ABX) Zaldivar copper mine in Chile after it was outbid in the first round of the sale process, Reuters reports.
- Chilean copper miner Antofagasta (OTC:ANFGF) is said to be interested in Zaldivar, but it is not clear if it would be a second round bidder; others in the running likely include Glencore (OTCPK:GLCNF, OTCPK:GLNCY); Teck Resources (NYSE:TCK), possibly backed by a Chinese partner; HudBay Minerals (NYSE:HBM), also with a partner; and an unnamed Chinese miner,
- Analysts have put a price tag of ~$1B on a 50% stake in the mine, which ABX put up for sale in April as it strives to cut $3B off its debt pile by year's end.
May 7, 2015, 5:47 PM
- Hudbay Minerals (NYSE:HBM): Q1 EPS of $0.00 misses by $0.04.
- Revenue of $160.65M (+50.4% Y/Y) misses by $28.63M.
May 4, 2015, 11:26 AM
- Hudbay Minerals (HBM -1.6%) says 180 unionized workers are on strike at its Manitoba operations, representing ~12% of its workforce in the province, adding that it has a contingency plans in place and expects operations to continue.
- HBM has four producing mines in Manitoba, including the Snow Lake project it bought last month, plus processing facilities.
- Reports say it is the first time the Manitoba mine workers have gone on strike in 40 years.
Apr. 10, 2015, 4:58 PM
- Credit Suisse sees potential for a near-term rally in gold prices, and expects copper prices to do well this year.
- The firm upgrades First Quantum Minerals (OTCPK:FQVLF) to Outperform from Neutral on positive copper and stock re-rating catalysts in H2 2015, and likes HudBay Minerals (NYSE:HBM) and Tahoe Resources (NYSE:TAHO); it downgrades Teck Resources (NYSE:TCK) to Neutral from Outperform based on a weaker outlook for coking coal and valuation.
- Among gold miners, CS prefers Agnico Eagle Mines (NYSE:AEM) for its lower cost assets, operational consistency, strong free cash flow and organic exploration and growth opportunities, and Goldcorp (NYSE:GG) for its growth and relatively strong balance sheet; Yamana Gold (NYSE:AUY) and Detour Gold (OTCPK:DRGDF) provide leverage to a gold price rally.
Mar. 24, 2015, 12:58 PM
- Teck Resources (TCK -2.1%) should buy HudBay Minerals (HBM +0.3%), National Bank of Canada analyst Shane Nagle says, believing that HBM would give TCK greater exposure to copper and zinc, and would get some copper growth opportunities which it currently lacks because it has not approved its QB2 and Relincho projects.
- "The pro forma company would have an improved growth profile, stronger balance sheet, free cash flow generation and more compelling valuation," the analyst says.
- TCK could raise part of the funds needed for a deal by selling a 20% silver stream from its Trail facility in British Columbia, Nagle suggests.
Feb. 19, 2015, 11:07 PM
- Hudbay Minerals (NYSE:HBM): Q4 EPS of $0.21 may not be comparable to consensus of $0.01.
- Revenue of $128.41M (-5.6% Y/Y) misses by $37.59M.
Jan. 16, 2015, 10:10 AM
- Hudbay Minerals (HBM +3.2%) says it plans a 2015 capital spending budget of C$425M, down ~60% from 2014 levels.
- HBM also says total 2014 copper production of ~37.6K tons was below guidance due to “nominal” copper concentrate output at its Constancia mine in Peru in late 2014; production at the mine started in Q4 and commercial production is expected in Q2 of 2015.
- Sees 2015 copper production of 140K-175K tons, zinc production of 95K-120K tons, and precious metals production of 135K-170K oz.
HudBay Minerals Inc is an integrated mining company. With assets in North and South America, it produces copper concentrate and zinc metal and is focused on the discovery, production and marketing of base and precious metals.
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