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In accordance with the agreements Hudbay has entered into with local communities, relocation of affected families is underway and the construction of new housing is in progress. Hudbay has delivered new homes to 14 families, and the remaining 22 families are scheduled to be relocated in 2013.
Permitting and regulatory efforts remain on schedule. The next major permit is the operating permit, which Hudbay expects to receive in the normal course upon commissioning of the mine which is scheduled for early 2015. The company has already received the beneficiation concession, mining permit and approval for the early refund of value added tax on purchases with retroactive effect to December 2012.
Key Financial Results
---------------------------------------------------------------------------- Three Months Ended($000s except per share and cash cost amounts) March 31 ---------------------------- 2013 2012----------------------------------------------------------------------------Revenue 119,881 187,038----------------------------------------------------------------------------Profit before tax 7,924 16,969----------------------------------------------------------------------------Basic and diluted earnings per share(1) 0.01 0.03----------------------------------------------------------------------------Profit for the period 1,907 3,355----------------------------------------------------------------------------Operating cash flow(2) 12,261 42,247----------------------------------------------------------------------------Operating cash flow per share(3) 0.07 0.25----------------------------------------------------------------------------Cash cost per pound of copper sold(3) 1.78 1.18----------------------------------------------------------------------------Cash and cash equivalents 1,050,476 1,337,088(4)----------------------------------------------------------------------------Total assets 3,508,748 3,476,497----------------------------------------------------------------------------(1)Attributable to owners of the company.(2)Before change in non-cash working capital.(3)Refer to "Non-IFRS Financial Performance Measures" below.(4)As at December 31, 2012.
Non-IFRS Financial Performance Measures
Operating cash flow per share and cash costs per pound of copper sold ("cash cost") are included in this news release because the company believes that, in the case of operating cash flow per share, it helps investors to evaluate changes in cash flow while taking into account changes in shares outstanding, and in the case of cash costs, they help investors assess the performance of the Company's operations. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.
