Hudbay Minerals Inc.
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
View on SEC.govAbout this filing
The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 28, 2024
Use the contents to explore the available documents and sections.
Contents
EX-99.2 · 35. Segmented information
35. Segmented information
Hudbay is an integrated metals producer. When making decisions on expansions, opening or closing mines, as well as day to day operations, management evaluates the results from operating activities of the Company. Hudbay has the following reportable segments identified by the individual mining operations of Manitoba, British Columbia, Peru, as well as Arizona which holds our Copper World project. The Manitoba, British Columbia and Peru segments generate Hudbay's revenue. The Manitoba segment sells copper concentrate (containing copper, gold and silver), silver/gold doré, zinc concentrate (containing zinc and gold) and other products. The Peru segment consists of Hudbay's Constancia operation and sells copper concentrate and molybdenum concentrate. The British Columbia segment consists of the Copper Mountain operation and sells copper concentrate. No results for the British Columbia segment are reflected in the prior year comparative figures. Hudbay's Arizona segment consists of the Copper World project located in Arizona. Corporate and other activities include the Company's exploration activities in Chile, Canada and the State of Nevada. The exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds. Corporate activities are not considered a segment and are included as a reconciliation to total consolidated results. Accounting policies for each reported segment are the same as those of the Company. Results from operating activities represents the profit earned by each segment without allocation of corporate costs. This is the measure reported to the chief operating decision-maker, Hudbay's President and Chief Executive Officer, for the purposes of resource allocation and the assessment of segment performance. Total assets and liabilities do not reflect intercompany balances, which have been eliminated on consolidation.
| Year ended December 31, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · British Columbia · Arizona · Corporate and other activities · Total | |||||||||
| Revenue from external customers | $1,040,298 | $484,294 | $165,438 | $ | - | $ | - | $1,690,030 | |
| Cost of sales | |||||||||
| Mine operating costs | 494,500 | 286,401 | 124,911 | - | - | 905,812 | |||
| Depreciation and amortization | 275,647 | 104,266 | 11,744 | - | - | 391,657 | |||
| Gross profit | 270,151 | 93,627 | 28,783 | - | - | 392,561 | |||
| Selling and administrative expenses | - | - | - | - | 39,228 | 39,228 | |||
| Exploration expenses | 15,215 | 8,161 | 3,432 | - | 2,468 | 29,276 | |||
| Other expenses | 17,444 | 17,985 | (54) | 382 | 2,551 | 38,308 | |||
| Re-evaluation adjustment - environmental provision | - | (13,737) | 2,321 | - | - | (11,416) | |||
| Results from operating activities | $237,492 | $81,218 | $23,084 | $(382) | $(44,247) | $297,165 | |||
| Net interest expense on long term debt | 76,202 | ||||||||
| Accretion on streaming arrangements | 26,291 | ||||||||
| Change in fair value of financial instruments | 14,053 | ||||||||
| Other net finance costs | 28,789 | ||||||||
| Profit before tax | 151,830 | ||||||||
| Tax expense | 82,287 | ||||||||
| Profit for the year | $69,543 | ||||||||
HUDBAY MINERALS INC.Notes to Audited Consolidated Financial Statements(in thousands of US dollars, except where otherwise noted)Years ended December 31, 2023 and 2022
| Year ended December 31, 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · Arizona · Corporate and other activities · Total | ||||||||
| Revenue from external customers | $828,150 | $633,290 | $ | - | $ | - | $1,461,440 | |
| Cost of sales | ||||||||
| Mine operating costs | 419,535 | 427,402 | - | - | 846,937 | |||
| Depreciation and amortization | 211,043 | 126,572 | - | - | 337,615 | |||
| Gross profit | 197,572 | 79,316 | - | - | 276,888 | |||
| Selling and administrative expenses | - | - | - | 33,986 | 33,986 | |||
| Exploration expenses | 13,359 | 10,644 | 8,657 | 1,851 | 34,511 | |||
| Other expenses (income) | 16,016 | 10,981 | 6,047 | (458) | 32,586 | |||
| Re-evaluation adjustment - environmental provision | - | (133,460) | - | - | (133,460) | |||
| Impairment - Arizona | - | - | 94,956 | - | 94,956 | |||
| Results from operating activities | $168,197 | $191,151 | $(109,660) | $(35,379) | $214,309 | |||
| Net interest expense on long term debt | 67,663 | |||||||
| Accretion on streaming arrangements | 27,778 | |||||||
| Change in fair value of financial instruments | 942 | |||||||
| Other net finance costs | 22,111 | |||||||
| Profit before tax | 95,815 | |||||||
| Tax expense | 25,433 | |||||||
| Profit for the year | $70,382 | |||||||
| December 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| Peru | Manitoba | British Columbia | Arizona | Corporate and other activities | Total | |
| Total assets | $2,406,260 | $672,915 | $1,027,976 | $736,680 | $468,803 | $5,312,634 |
| Total liabilities | 1,086,229 | 413,331 | 276,723 | 23,446 | 1,306,066 | 3,105,795 |
| Property, plant and equipment1 | 2,001,716 | 693,941 | 853,075 | 727,903 | 39,371 | 4,316,006 |
1Included in Corporate and Other activities is $27.6 million of property, plant and equipment that is located in Nevada.
| December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Peru · Manitoba · British Columbia · Arizona · Corporate and other activities · Total | |||||||
| Additions to property, plant and equipment | $160,878 | $90,628 | $50,082 | $22,281 | $ | - | $323,869 |
HUDBAY MINERALS INC.Notes to Audited Consolidated Financial Statements(in thousands of US dollars, except where otherwise noted)Years ended December 31, 2023 and 2022
| December 31, 2022 | |||||
|---|---|---|---|---|---|
| Peru | Manitoba | Arizona | Corporate and other activities | Total | |
| Total assets | $2,532,750 | $690,403 | $713,567 | $389,223 | $4,325,943 |
| Total liabilities | 974,184 | 427,107 | 36,131 | 1,316,712 | 2,754,134 |
| Property, plant and equipment1 | 2,115,495 | 691,836 | 704,472 | 40,627 | 3,552,430 |
1 Included in Corporate and Other activities is $27.4 million of property, plant and equipment that is located in Nevada.
| December 31, 2022 | |||||
|---|---|---|---|---|---|
| Peru | Manitoba | Arizona | Corporate and other activities | Total | |
| Additions to property, plant and equipment | $123,288 | $161,849 | $63,238 | $168 | $348,543 |
HUDBAY MINERALS INC.Notes to Audited Consolidated Financial Statements(in thousands of US dollars, except where otherwise noted)Years ended December 31, 2023 and 2022
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.