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Hudbay Minerals Inc
Symbol HBM
Shares Issued 261,271,188
Close 2018-07-16 C$ 6.79
Market Cap C$ 1,774,031,367
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Hudbay's Peru operations produce 26,817 t Cu in Q2

2018-07-17 09:24 ET - News Release

Ms. Carla Nawrocki reports

HUDBAY HOSTS ANALYST SITE VISIT TO CONSTANCIA MINE IN PERU AND ANNOUNCES SECOND QUARTER 2018 PRODUCTION RESULTS FOR PERU OPERATIONS

Hudbay Minerals Inc. is hosting a site visit by analysts and investors to its Constancia mine in Peru on July 17, 2018, and July 18, 2018. A copy of the site visit presentation, which contains operational and other updates, is available on Hudbay's website.

Hudbay also today released its second quarter 2018 production results for its Peru operations. All amounts are in U.S. dollars, unless otherwise noted.

                              PERU PRODUCTION PERFORMANCE

                                              Three months ended                  Six months ended
                                       June 30,          June 30,       June 30,           June 30,           
                                          2018              2017           2018               2017               

Ore mined (1)              tonnes    8,744,200         7,337,531     18,233,969         14,550,731
Copper                          %         0.47              0.55           0.49               0.55
Gold                          g/t         0.05              0.04           0.05               0.04
Silver                        g/t         4.03              3.81           4.11               3.92
Ore milled                 tonnes    7,726,606         6,931,690     15,577,775         13,249,299
Copper                          %         0.44              0.53           0.47               0.54
Gold                          g/t         0.05              0.04           0.05               0.04
Silver                        g/t         3.92              3.91           4.01               4.08
Copper concentrate         tonnes      113,739           118,586        242,286            227,122
Concentrate grade            % Cu        23.58             25.13          24.09              25.10
Copper recovery                 %         79.7              80.6           80.3               80.4
Gold recovery                   %         44.8              44.8           44.9               44.7
Silver recovery                 %         61.2              62.6           61.9               62.4

(1) Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may 
not reconcile fully to ore milled.

                                     CONTAINED METAL IN CONCENTRATE PRODUCED

                                            Three months ended                  Six months ended                 Annual
                                       June 30,        June 30,        June 30,          June 30,              guidance
                                          2018            2017            2018              2017                   2018

Copper                     tonnes       26,817          29,798          58,369            57,009      95,000 to 115,000
Gold                           oz        5,190           3,802          10,608             7,737 
Silver                         oz      596,571         546,295       1,242,456         1,085,830 
Precious metals (1)            oz       13,713          11,606          28,357            23,249   (2) 50,000 to 70,000

(1) Precious metals production includes gold and silver production on a gold equivalent basis. Silver is converted to 
gold at a ratio of 70:1.

(2) The initial 2018 guidance for Constancia precious metals production was 65,000 to 85,000 ounces.

Peru production review

During the second quarter of 2018, the Peru operations produced 26,817 tonnes of copper, which was approximately 10 per cent lower than production in the second quarter of 2017, as a result of lower copper head grade in accordance with the mine plan, offset in part by higher mill throughput.

Recoveries of copper and silver were slightly lower in the second quarter of 2018, compared with the same period in 2017, while gold recoveries remain unchanged over the same period. Several metallurgical initiatives are being implemented by Hudbay with the intention of increasing copper recoveries as anticipated in the recently filed 2018 technical report for Constancia.

About Hudbay Minerals Inc.

Hudbay is an integrated mining company producing copper concentrate (containing copper, gold and silver) and zinc metal. With assets in North and South America, the company is focused on the discovery, production and marketing of base and precious metals. Through its subsidiaries, Hudbay owns four polymetallic mines, four ore concentrators and a zinc production facility in Northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and a copper project in Arizona (United States).

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