Reserves-and-Resources

Peru Mineral Reserves as at January 1, 20181,2

Category Tonnes Cu (%) Mo (g/t) Au (g/t) Ag (g/t)
Constancia
  Proven 455,900,000 0.30 96 0.035 2.93
  Probable 72,800,000 0.23 72 0.035 3.09
  Total Proven and Probable  528,700,0000.29 930.035  2.95 
Pampacancha
  Proven 32,400,000 0.59 178 0.368 4.48
  Probable 7,500,000 0.62 173 0.325 5.75
 Total Proven and Probable39,900,000  0.60 1770.360 4.72 
Total Mineral Reserve 568,600,000 0.32 99 0.058 3.07
 Note: totals may not add up correctly due to rounding
1 The mineral reserve estimates for Constancia are based on a long range mine plan with economic value calculation per block (NSR in $/t), mining, processing and detailed engineering parameters
2 The Constancia reserve pits (Constancia and Pampacancha) consist of operations pits of proven and probable reserves and are based on the following long-term metals prices: $3.00 per pound of copper; $11.00 per pound of molybdenum; $18.00 per ounce of silver; and $1,260 per ounce of gold; metallurgical recoveries applied by ore type (between 84.4% to 90.5%); and processing cost of $4.54 per tonne, general and administrative costs of $1.60 per tonne and mining costs of $1.30 and $.135 per tonne (waste and ore, respectively).

Peru Mineral Resources as at January 1, 20181,2

Category Tonnes Cu (%) Mo (g/t) Au (g/t) Ag (g/t)
Constancia
  Measured  175,000,000 0.20 51 0.028 2.19
  Indicated 180,900,000 0.20 56 0.033 2.09
  Inferred  54,100,000  0.24  43  0.018  1.71
Pampacancha
  Measured 11,400,000 0.41 101 0.245 4.95
  Indicated   6,000,000 0.35  84  0.285  5.16
  Inferred10,100,000  0.14 143 0.2333.86  
Total Measured + Indicated 373,300,000 0.21 56 0.041 2.28
Total Inferred 64,100,000 0.22 59 0.052 2.05
Note: totals may not add up correctly due to rounding 
1 Mineral resources that are not mineral reserves do not have demonstrated economic viability.   
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithm. Estimates of mineral resources are based on the following long-term metals prices: $3.00 per pound of copper; $11.00 per pound of molybdenum; $18.00 per ounce of silver; and $1,260 per ounce of gold; Metallurgical recoveries of 88.4% copper, 55% molybdenum, 90% silver and 60% gold were applied to mixed and supergene material. A metallurgical recovery of 84% copper, 52% silver and 60% gold for copper was applied to skarn and high zinc material. NSR was calculated for every model block and is an estimate of recovered economic value of copper, molybdenum, silver and gold combined.  

Lalor Mineral Reserves as at January 1, 20181,2,3

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
Lalor Mine 
  Proven 3,511,000 0.73 6.21 2.37 27.18
  Probable 9,484,000 0.65 4.31 2.72 26.03
Total Mineral Reserve12,995,000 0.674.83  2.62 26.33 
1Mineral reserves are estimated at an NSR cut-off of $88 per tonne for longhole open stope mining method and $111 per tonne for cut and fill mining method.
A zinc price of $1.07 per pound (includes premium), copper price of $3.00 per pound, gold price of $1,260 per ounce and silver price of $18.00 per ounce and an exchance rate of 1.10 C$/US$ was used to estimate mineral reserves.
For additional details relating to the estimates of mineral reserves at the Lalor mine, including data verification and quality assurance / quality control processes, refer to Schedule B in Hudbay's Annual Information Form for the year ended December 31, 2017 and the Lalor Technical Report.
 

Lalor Base Metal Mineral Resources as at January 1, 20181,2

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
Lalor - Indicated Base Metal
  Indicated 2,100,000 0.49 5.34 1.69 28.10
Lalor - Inferred Base Metal
  Inferred 545,000 0.32 8.15 1.45 22.28
1 A zinc metal price of $1.19 per pound, a copper price of $2.67 per pound, gold price of $1,300 per ounce and a silver price of $18.00 per ounce were used to calculate a zinc equivalence (Zn Eq) cut-off of 4.1%, where Zn Eq = Zn% + (1.98 x Cu%) + (1.11 x Au g/t) + (0.01 x Ag g/t) - (0.01 x Pb%). An exchange rate of 1.25 C$/US$ was used to estimate mineral resources. The Zn Eq considers the ratio of milling recovery, payabilitiy and value of metals after application of downstream processing costs. The Zn Eq cut-off of 4.1% covers administration overhead, mining removal, milling and general and administration costs.
2 Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Schedule A "Glossary of Mining Terms" in Hudbay's Annual Information Form for the year ended December 31, 2017.  

Lalor Gold Mineral Resources as at January 1, 20181,2

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
Lalor - Indicated Gold Zone
  Indicated 1,750,000 0.34 0.40 5.1830.61
Lalor - Inferred Gold Zone
  Inferred 4,121,0000.90 0.31 5.02 27.61
1 A gold metal price of $1,300 per ounce, a copper price of $2.67 per pound and a silver price of $18.00 per ounce were used to calculate a gold equivalence (Au Eq) cut-off of 2.4 g/t Au Eq, where Au Eq = Au g/t + (1.34 x Cu%) + (0.01 x Ag g/t). An exchange rate of 1.25 C$/US$ was used to estimate mineral resources. The Au Eq considers the ratio of milling recovery, payabilitiy and value of metals after application of downstream processing costs. Au Eq cut-off of 2.4 g/t covers administration overhead, mining removal, milling and general and administration costs.
2 Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Schedule A "Glossary of Mining Terms" in Hudbay's Annual Information Form for the year ended December 31, 2017.

777 Mineral Reserves as at January 1, 20181,2

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
777 Mine
  Proven 2,625,000 1.78 4.20 1.70 25.97
  Probable 1,251,000 1.11  4.33 1.8225.41
Total Mineral Reserve
3,876,000
1.56
4.24
1.73
25.79
1 A zinc price of $1.24 per pound (includes premium), copper price of $2.67 per pound, a gold price of $1,300 per ounce and silver price of $18.00 per ounce using an exchange rate of 1.25 C$/US$ were used to estimate mineral reserves and mineral resources. 
2 For additional details relating to the estimates of mineral reserves and resources at the 777 mine, including data verification and quality assurance / quality control processes, refer to Schedule B in Hudbay's Annual Information Form for the year ended December 31, 2017 and the 777 Technical Report. 

777 Mineral Resources as at January 1, 20181,2,3

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
777 Mine
  Indicated 736,000 0.99 3.53 1.82 26.24
  Inferred 673,000 1.01 4.26 1.72 30.95
1 A zinc price of $1.24 per pound (includes premium), copper price of $2.67 per pound, a gold price of $1,300 per ounce and silver price of $18.00 per ounce using an exchange rate of 1.25 C$/US$ was used to estimate mineral reserves and resources. 
2 For additional details relating to the estimates of mineral reserves and resources at the 777 mine, including data verification and quality assurance / quality control processes, refer to Schedule B in Hudbay's Annual Information Form for the year ended December 31, 2017 and the 777 Technical Report. 
3 Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Schedule A "Glossary of Mining Terms" in Hudbay's Annual Information Form for the year ended December 31, 2017. 

Arizona Mineral Reserves as at March 30, 20171,2,3

Category Tonnes Cu (%) Mo (%) Ag (g/t)
Rosemont
  Proven 426,100,000 0.48 0.012 4.96
  Probable 111,000,000 0.31 0.010 3.09
  Total Reserves 537,100,000
0.45
0.012
4.58

1 Blocks were classified as Proven and Probable in accordance with CIM Definition Standards 2014.
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithim, Metal prices of US$3.15/lb copper, US$11.00/lb molybdenum and US$18.00/troy oz silver were used. Metallurgical recoveries of 90% copper, 63% molybdenum and 75.5% silver were applied. No metallurgical recovery of molybdenum and silver from oxide ore is projected.
Based on 100% ownership of Rosemont project

Arizona Mineral Resources as at March 30, 20171,2,3

Category Tonnes Cu (%) Mo (%) Ag (g/t)
Rosemont
  Measured 161,300,000 0.38 0.009 2.72
  Indicated 374,900,000 0.25 0.011 2.60
Total Measured & Indicated536,200,0000.290.011 2.64  
Total Inferred 62,300,0000.30 0.010 1.58 

Reed Mineral Reserves as at January 1, 20181,2

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
Reed Mine 
  Proven 67,000 2.91 1.16 0.47 7.78
  Probable 209,000 3.31 0.400.74 6.72
Total Mineral Reserve276,0003.210.580.676.98 
1A zinc price of $1.22 per pound (includes premium), copper price of $2.50 per pound, gold price of $1,300 per ounce and a silver price of $18.00 per ounce using an exchange rate of 1.28 C$/US$ was used to estimate mineral reserves. A zinc price of $1.24 per pound (includes premium), copper preice of $2.67 per pound, gold price of $1,300 per ounce and silver price of $18.00 per ounce using an exchange rate of 1.25 C$/US$ was used to estimate mineral resources.
For additional details relating to the estimates of mineral reserves and resources at the Reed mine, including data verification and quality assurance/quality control processes, refer to the pre-feasibility study filed on SEDAR on May 14, 2012 by VMS Ventures Inc. titled "Pre-Feasibility Study Technical Report on the Reed Copper Deposit, Central Manitoba, Canada" prepared by Trevor Allen, P. Geo., Cassandra Spence, P. Eng., Mark Hatton, P. Eng. and Brent Christensen, P. Eng. and dated effective April 2, 2012.
 


Qualified Person

 

The scientific and technical information contained on this website related to the Constancia mine and Rosemont project has been approved by Cashel Meagher, P.Geo., our Senior Vice President and Chief Operating Officer. The scientific and technical information related to all other sites and projects contained in this AIF has been approved by Robert Carter, P.Eng., our General Manager Mining Operations, Manitoba Business Unit. Messrs. Meagher and Carter are qualified persons pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for our material properties as filed by us on SEDAR at www.sedar.com.

 

 

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