Delivered a solid operating quarter, which included record quarterly ore throughput at the Constancia mill, and increased ore mined at 777 and Lalor by 9% and 23%, respectively, compared to the same period in 2018.
Strong quarterly cost performance in both Peru and Manitoba, with Peru achieving its lowest unit costs in the last eight quarters and Manitoba unit costs stabilizing at a lower level following the ramp up of Lalor during the first half of the year.
Consolidated copper production of 36,422 tonnes at a cash cost of $0.98 per pound of copper produced, net of by-product credits.
Net loss of $274.8 million reflects an after-tax impairment loss of $242.1 million on Hudbay's carrying value of the Rosemont copper project, following a U.S. District Court decision on July 31, 2019 vacating and remanding Rosemont's permits. Hudbay intends to appeal and continues to evaluate next steps for Rosemont.
Results are on track to meet production, consolidated sustaining capital expenditures and Peru unit cost guidance for 2019; Manitoba full year unit costs are expected to be at or slightly above the upper end of the 2019 guidance range.
Progressed other key strategic initiatives, including engineering and permitting for the New Britannia mill refurbishment, community negotiations near Constancia, and feasibility and drilling activities on the Snow Lake exploration properties.
Cash generated from operating activities decreased to $43.5 million in the third quarter of 2019 from $113.8 million in the same quarter of 2018, while operating cash flow before change in non-cash working capital decreased to $69.9 million in the quarter from $122.1 million in the same quarter of 2018.
Appointed Stephen A. Lang as Hudbay's Board Chair, and advanced the search for a permanent Chief Executive Officer.

TORONTO, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE:HBM) today released its third quarter 2019 financial results. All amounts are in U.S. dollars, unless otherwise noted.

“In the third quarter, Hudbay continued to deliver solid operating results with record quarterly mill throughput at Constancia and strong cost performance in both Peru and Manitoba,” said Peter Kukielski, Interim President and Chief Executive Officer. “Constancia continues to operate at full capacity despite regional logistical challenges during the quarter and we are proud of the team’s ability to adapt and overcome these external issues. Manitoba continues to maximize production from the 777 mine and the New Britannia mill refurbishment remains on schedule for completion in late 2021. At Rosemont, we intend to appeal the recent court decision as we evaluate next steps for the project. We are on track to achieve our full year production guidance and we look forward to advancing the various organic growth opportunities within our portfolio.”

Cash generated from operating activities decreased to $43.5 million in the third quarter of 2019 from $113.8 million in the same quarter of 2018. Operating cash flow before change in non-cash working capital was $69.9 million during the third quarter of 2019, reflecting a decrease of $52.2 million compared to the third quarter of 2018. The decrease in operating cash flow is primarily the result of lower realized prices and sales volumes compared to the third quarter of 2018. Sales volumes in the third quarter of 2019 reflected the temporary buildup of copper concentrate inventory in Peru as a result of previously disclosed community protests against another company's mining project that restricted access to the port of Matarani in July and August. However, Constancia continued to operate at full capacity during this period and the team actively managed concentrate logistics to overcome these challenges, resulting in only slightly elevated concentrate inventory levels as of September 30, 2019. Copper-equivalent production in the third quarter of 2019 decreased by 2% compared to the same period in 2018, primarily as a result of lower grades at Constancia, as planned, and the closure of the Reed mine.

Net loss and loss per share in the third quarter of 2019 were $274.8 million and $1.05, respectively, compared to a net profit and earnings per share of $22.8 million and $0.09, respectively, in the third quarter of 2018.

Net loss and loss per share in the third quarter of 2019 were affected by, among other things, the following items:
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