Hudbay Minerals reports big jump in fourth-quarter profits, revenues

By The Canadian Press

TORONTO - Hudbay Minerals Inc. reported a big jump in quarterly profits and revenues on Wednesday.

The Toronto-based miner (TSX:HBM.TO - News) said profits for the last three months of 2011 were $34.3 million, or 21 cents per share.

During the same period a year earlier, Hudbay earned $7.9 million, or seven cents per share.

Revenues grew to $254.3 million from $184.6 million.

"Consistent operating performance from our reliable northern Manitoba operations enabled us to meet our production targets in 2011 for the fifth consecutive year," CEO David Garofalo said in a release.

"Our focus in 2012 is on our robust portfolio of development assets, which are expected to provide significant copper, gold and zinc production growth once they are brought into production."

HudBay is an integrated mining company with mines and mills in North and South America. It produces zinc, gold and other metals.