Hudbay Minerals stock was pummeled Thursday to its lowest level in six years following the company’s announcement of an unexpected $55.2 million second-quarter loss, according to its 2nd Quarter Financial Statement.
Wall Street analysts were projecting Hudbay, the owner of the proposed Rosemont Mine, would post a $.14/share profit for the quarter ending June 30, but instead, the company finished with a ($.24/share) loss.
On Thursday, Hudbay’s stock lost 7.94% percent on the New York Stock Exchange, falling 52 points to close at $6.03 in heavy trading at 230,000 shares. The stock traded as low as $5.82 before recovering in late trading.
Hudbay’s stock has rebounded some, closing Monday at $6.27.
Hudbay’s Management Discussion & Analysis report states the company spent $13.8 million in the second quarter on the proposed Rosemont Mine bringing the total for the first six months of 2015 to $24.8 million.
Hudbay has $328.4 million in capital spending commitments if, and when, Rosemont construction begins, $192.1 million of which cannot be terminated. The proposed mine is located in the Santa Rita Mountains on the Coronado National Forest 35 miles southeast of Tucson. Continue reading