Hudbay Secures Fleet Financing
Construction at Constancia began in August 2012. The development schedule calls for nine quarters of construction, initial production in late 2014, and full production beginning in the second quarter of 2015.
Production of contained copper in concentrate is expected to average approximately 118,000 mt/y during the first five years of production and 77,000 mt/y in subsequent years. Mine life will exceed 16 years. The Constancia concentrate will include molybdenum, silver and gold byproduct credits.
Capital expenditures for the Constancia project are budgeted at $1.5 billion. As of May 1, approximately $480 million of these costs had been incurred, and Hudbay had entered into an additional $534 million in project commitments.
The mine fleet of 18 haul trucks is scheduled for delivery between June 2013 and August 2014, and the three hydraulic shovels are slated for delivery in August 2013, September 2013 and January 2014, respectively. Pre-stripping activities are scheduled to begin late in 2013.