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Revenues drop 23% as Hudbay posts Q2 loss

The Canadian miner says it recorded a loss of C$30.4m in the quarter ended June after earnings were hit by an impairment charge and lower metal prices.

(Reuters) - 

Canada's HudBay Minerals Inc posted a second quarter loss on Tuesday on an impairment charge, along with lower metal prices and lower sales volumes.

The base metal miner recorded a loss of C$30.4 million, or 17 Canadian cents a share, in the quarter ended June 30. That compared with a loss of C$171.9 million, or 97 Canadian cents a share, in the year-ago period, which included a C$212.7 million charge on its writedown of the Fenix project in Guatemala.

Revenues slid 23 percent to C$189.9 million on lower realized metal prices and lower concentrate sales volumes.

HudBay's earnings were also hit by a C$32.7 million impairment charge related to investments and other one-time items.

Earlier this month, HudBay inked a $750 million deal whereby Silver Wheaton Corp will help fund the Constancia project in Peru in exchange for a share of the precious metals produced there and at another Hudbay mine.

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