Hudbay Minerals (NYSE: HBM) reported Q4 EPS of $0.20, $0.04 better than the analyst estimate of $0.16. Revenue for the quarter came in at $602.2 million versus the consensus estimate of $552.75 million.

2024 Annual Guidance and Outlook

Consolidated copper production is forecast to increase by 19% to 156,500 tonnesii in 2024, compared to 2023, with continued higher grades in Peru and a full year of British Columbia production.
Consolidated gold production is forecast to decrease slightly to 291,000 ouncesii in 2024, compared to 2023, due to higher than planned gold grades being mined in Peru in the fourth quarter of 2023 and a deferral of high grade gold zones in Peru to 2025. Total gold production in Peru over the 2023 to 2025 period is expected to be higher than previous guidance levelsii.
Consolidated cash cost, net of by-product creditsi, in 2024 is expected to be within a range of $1.05 and $1.25 per pound of copper, higher than 2023 as a result of lower gold by-product credits and a full year of contributions from British Columbia.
Total capital expenditures are expected to be $335 million in 2024, reflecting lower expenditures in Peru, Manitoba and Arizona, offset by higher expenditures in British Columbia associated with accelerated stripping to access higher grades and a reclassification of costs from operating to capitalized stripping versus the recent technical report.
Exploration expenditures are expected to increase in 2024 as the company executes its largest-ever exploration program in the Snow Lake region, which is being partially funded by a critical minerals premium flow-through financing that was completed in the fourth quarter.
Continued focus on reducing discretionary spending in 2024 with total growth capital expenditures 23% lower than 2023.

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