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Message: Hudbay restarts Manitoba mine

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theviking

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Hudbay restarts Manitoba mine

posted on Oct 30, 09 02:31PM

Canada's miner HudBay Minerals Inc. said it will restart its Chisel North mine and concentrator in Manitoba effective immediately, and expects full production from the operations by the second quarter.

The Chisel North mine and Snow Lake concentrator have been on care and maintenance since the first quarter of 2009, due to depressed zinc prices at the time, HudBay said in a statement.

The company forecast about $7 million in costs to restart operations at the mine, and expects the restart to provide about 30,000 tonnes of zinc concentrate feed to its Manitoba-based Flin Flon zinc plant annually, the company said.

HudBay also said it has entered into a hedge of about half of the expected zinc production from the Chisel North mine at an average price of about $1.01 US per pound.

Shares of HudBay Minerals were down 45 cents Cdn at $14.15 at 11:11 a.m. ET on the Toronto Stock Exchange.

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