Hudbay Minerals Board of Directors approved a capital investment of $71 million towards the construction of the 70% owned Reed copper project; reaffirms 2011 FY production guidance (HBM) 9.53 : Co announced Capital investment budget of ~$391 mln, including $296 mln in growth initiatives. Investment in exploration of ~$54 mln, which includes $31 mln in grassroots efforts in the Flin Flon Greenstone Belt, $13 mln in South America and $10 mln on other North American exploration initiatives. Full year 2011 production of all metals remains on track to achieve its previous guidance. Contained copper metal production in concentrate in 2012 is expected to be lower than 2011 because of the pending closures of the Trout Lake and Chisel North mines during 2012, while precious metal and zinc production are expected to remain essentially unchanged from 2011 levels. Co's board of directors has approved a capital budget for 2012 of $391 mln, of which $296 mln is allocated toward growth opportunities. Capital expenditures at Lalor are expected to total ~$147 mln. With the ramp from Chisel North to Lalor completed on time and on budget, the focus at Lalor has turned to completion of the ventilation shaft to allow first ore production up the temporary hoisting facilities by the middle of 2012. Ore milled at the Flin Flon concentrator is expected to be somewhat lower than in 2011 due to reduced production from the Trout Lake mine, with correspondingly higher unit operating costs. Recoveries are expected to be consistent with recent experience. Estimated concentrate production at the Snow Lake concentrator includes a combination of Chisel North ore early in 2012 and Lalor ore in the second half of 2012.

Now here you have it, $296 Mln will be meaybe used to take over some Junior and maybe BMK, but this is good to know for 2012, also $10 Mln will be used for JV with North America Exploations, maybe BMK. Merry christams...

GLTA