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Hudbay raises Snow Lake gold output forecast by about 60%
Hudbay expects Snow Lake to produce an average of 185,000 ounces of gold annually from 2026 through 2030, with mine life extended to 2043.
Hudbay Minerals has increased its life-of-mine gold production forecast for its Snow Lake operations in Manitoba, Canada, by about 60% to 2.8 million ounces under an enhanced mine plan, according to Mining.com.
The new outlook builds on higher proven and probable reserves, extending the operation’s mine life by two years to 2043. Hudbay also expects Snow Lake to generate an average of 185,000 ounces of gold per year from 2026 through 2030, supported by stronger throughput at the New Britannia mill and higher recoveries at the Stall operation.
The updated plan represents a 37% increase in production over the five-year period, adding about 250,000 ounces compared with the previous plan. Hudbay said the expanded forecast is intended to keep Snow Lake a steady free cash flow contributor and provide additional gold exposure for the company, while supporting its broader shift from zinc-focused operations.
Hudbay also characterized the expanded plan as part of Snow Lake’s transformation into a significant gold source as it advances its copper growth pipeline, and it forecasts average gold cash costs of $821 per ounce (with further details not included in the provided excerpt).
Latest closeGold $4,320.50 ▲0.5%|Copper $6.779 ▲0.9%