TORONTO - Hudbay Minerals Inc. (HBM.TO) shares were up nearly six per cent in late-morning trading following its fourth-quarter results and a plan to increase gold production at a Manitoba gold mine.
The company, which reports in U.S. dollars, lost US$3.5 million or a penny per share for the quarter ending Dec. 31.
That compared with a profit of $94.3 million and 36 cents per share for the same quarter a year earlier.
The results came as the company's production dropped by 14 per cent after it closed its Reed mine in Manitoba and saw lower grades at its Constancia mine in Peru. But, it also released plans to more than double current gold production at its Lalor mine in Manitoba.
The company has come under criticism from Waterton Global Resource Management Inc., which owns about 12 per cent of Hudbay and is pushing for leadership changes at the miner.
Hudbay CEO Alan Hair told a conference call with financial analysts that the company continues to execute a consistent growth strategy and will respond to the criticism in due time.