CA - Hudbay Minerals +22% this week after cutting production costs despite inflation

Hudbay Minerals ( NYSE: HBM ) +9.4% in Wednesday's trading, capping a 22% gain this week, after reporting mixed Q2 results while reaffirming its full-year production and operating cost guidance.

Q2 net income fell to $32.1M, or $0.12/share - including a $95M pre-tax impairment loss related to certain capitalized costs and assets associated with the previous standalone development plan for the Rosemont deposit - from $63.8M, or $0.24/share, in Q1.

Q2 copper production rose 4% Q/Q to 25,668 metric tons, and gold production gained 9% Q/Q to 58,645 oz, citing steady performance from operations in Peru while the New Britannia mill in Manitoba achieved higher than expected throughput.

Q2 all-in sustaining cash cost for copper produced plunged to $1.93/lb from $2.54/lb in Q1, achieving strong operating cost performance despite inflationary pressures from higher input prices for many services and consumables.

Hudbay ( HBM ) also said it is advancing a pre-feasibility study to evaluate project optimization opportunities at its Copper World Complex.

Hudbay Minerals ( HBM ) shares have lost 36% YTD and 31% during the past year .

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