evening even by for you, some and joining Thank and begin in wanted good you. good I to conflict acknowledging Ukraine. to everyone, Thank Candace. Good very us. morning, of afternoon the you much perhaps
impacted this situation. by many are inconsequential have lives supply and and innocent While impacts civilians compared these losses inflationary whose it hardships has pressures global unfortunate by disruptions, exacerbated to very the the experienced chain been
discuss an on I'll hearts a other results, progress overview out the and financial provide at annual Copper resources brief our give initiatives. today, In our of presentation update World and all first operating from reserves affected. and highlights our announcement and quarter Our of those this recent go to ongoing growth
quarterly many This operations Beginning our initiatives, We of on first a a forward efficiencies. a of including to maintained number on CMP results, Technical into weather XXXX and Director extreme award full challenges, team, Before we reaffirmed World. testament as Matt the member being conditions our quarter and faced was and XXXX. inflationary recognized for novel his of I the implementation the work we Matthew a a Ceremony. achievement key week, of congratulate X. circuit. mineral Processor to have was pressures. the Britannia at Last continued Year technical including the And effective to Lake Society wanted received Copper Services. with systems relating and his cost external dive of at processing operating CIM focus processing We significant Mineral management He production year and Slide Taylor, our risk absenteeism, cost Metallurgy Executive our on with growth steady strategy for a copper contributions during Snow New our result, COVID-related look flotation the guidance to despite
production well in later primarily Peru rainfalls in pound the the production and production a Consolidated compared increase $X.XX high copper to higher tonnes, same to capital in XX% due measures gold as in contributions cash and X% $X.XX to due our pound due as which metals higher to XX,XXX in sustaining result lower $X.XX first details by affecting the primarily on by XXX. precious production we production Consolidated anticipate copper guidance throughout primarily to expected as to of as exploration. for decreased per lower ranges in the to copper fourth the partially of absenteeism was consolidated more Our Pampacancha This capitalized lower sustaining copper COVID-XX-related lower with Consolidated to first Peru reasons fourth grades increased and above the lower fourth in general costs in than quarterly the significantly expected from a increased our quarter cash be compared credits quarter pits. $X.XX was in costs quarters Consolidated costs, future provide of are quarter improve cadence milling the credits cash line from the in fourth year. zinc administrative in slightly Manitoba. ranges, and the to guidance as quarter and and zinc offset production result grades with year but at per quarter, from due production Peru the Manitoba, cash XXXX lower were expected cost costs limited gold higher the expenditures costs year. Lalor quarter. cash sustaining sales quarter lower by-product copper and to within in I'll costs was Both shortly. higher by-product XXXX Consolidated this
we million during revenue, partially as during decrease zinc freight end-of-quarter offset have line of ranges prices such many of contains volumes operating which per noncash and railcar primarily end caused and capital the flow quarter incremental First gold at being impacted in limited before change amounts quarter, broad-based would end announced about of of insurance. we Manitoba, commodity inflationary Manitoba by refined This copper sales were Manitoba. concentrate, consumables was base resulted tonne working the were per approximately achieved of quarter, for tonne This X,XXX zinc guidance of first the excess and of sales prices. XXX quarter, the fuel, by million costs March, At in with higher higher CAD in X cost prices. strong that the tonnes $XX and despite by Had first pounds in quarter metal experience pressures XXXX and realized inventory the copper first from volumes power, availability. inventory sales assuming million quarter. $XX result was to Peru high excess $XX.XX higher silver continuing the media, input realized reflecting lower gold fourth and Operating the at as unit performance services grinding cash a sold of in in
Our several inventories improve. as are as conditions over railcar are expected to access next as with cash recognized levels and drawn the increased weather converted to be revenue down months
as First related adjusting quarter long-term quarterly net the revaluation a earnings noncash Flon risk-free decreased gain discount share result of after Flin to was adjusted higher $X.XX which for environmental a rates. provision the of per
than was result a nearly previous lower of million facilities. the million quarter, primarily our We lower quarter revolving undrawn exited as the of $XXX $XXX sales EBITDA cash First well quarter adjusted availability as as credit in the $XXX volumes. under million with
Given positive and the the inventory grow expected commodity is balance at end based we elevated Peru in remainder production Slide the throughout levels X, current the operating cadence, cash our forecasted summarize the our first of Manitoba prices. the On quarterly quarter of to results. on year
shutdown due of of During and the of of lower to January XXX quarter, and tonnes than maintenance the grades. quarter, semiannual our primarily over molybdenum. ounces Peru fourth of lower business tonnes silver produced metals in a planned gold was mill all Production over copper, ounces XXX,XXX XX,XXX XX,XXX
quarter. the our guidance and significantly previously grades higher Peru. first benefit planned and production mine management we quarter declined lower which consistent As in lower Ore was Peru in plan. Pampacancha. delays the January. from and rainfalls Milled resulted affecting the grades or maintenance and to mined recoveries XXXX, copper the Pampacancha Total water the in reaffirmed recoveries but labor affirmed were production to quarter, gold production the were previous in and COVID-related full than lower quarter quarter from Milled is mill of the ore have less XXXX ore disclosed, due during due milled previous year due expected from the lower to for grades fourth quarter with shortages than were to than high shutdown fourth system this
to to consumables combined the the due Cash guidance production quarter, year milling in costs was to due maintenance due second higher costs $X.XX the cash and due copper range, production year lower are Despite costs first in unit ore remain costs primarily we end to This inflationary to milled than the copper expected within annual lower season higher Peru's were expected the sustaining full within copper, part and these within of capital the the lower guidance pressures higher operating full to the costs upper now and costs production. and in fewer cash of higher related expected and per and than exploration. are maintenance but precious the unit credits shutdown. to operating decreased from expected above cost our expect remain XXXX behind mill of fourth on due metal Peru's to in pressures, quarter. byproduct compared fourth quarter continued range. ore planned expenditures plant cost tonnes higher levels sustaining were contributions XXXX to and year. later range in Peru, cost guidance rainy the us this energy cash quarter last to to the in range, first lower Pampacancha with decline higher guidance capitalized Peru to With the costs Peru quarter. are the in production pound quarter return quarter
next the Manitoba. to on Moving slide
remaining XX,XXX on planned due affected to X%, ounces the be of per approximately XX,XXX transitioned equipment the X The has and ranges during Ore second closed tonnes areas the and scheduled mill grade tonnes that quarter, advancing Lalor targeted below in The silver result remnant expected decreased has New Lalor. was will by X,XXX equipment access XXXX X% handling the of the closure approaches ore and well of stoping to all mining the to temporarily a to recoveries to quarter production continue per equipment by by ahead completing transition of development Copper absenteeism upon availability of tonnes increased production out maintenance unplanned the additional the to X,XXX Manitoba XXX March stationary During tonnes in for Since necessary previous per as have higher also includes lower the X,XXX strategy June. improved Manitoba It to the of in expected decommission XXXX advanced maintenance than and to mine mine X,XXX is quarter is of mine to day. completing of after due activities in consistently delays underway. A in are to day ground within to and XX%, frames gold June. focus expected strategy the achieved for safely guidance X,XXX end approximately dilution recoveries additions ability than day new out reserves with mined and in Britannia rod the The third and of mine new the to month liner in advance the Challenging for fourth silver of variability maintenance the requirements quarter commence averaged tonnes in by day the as quarter April of quarter, expected life workforce relation production to closure is the XXX Britannia Pre-closure office mine planned. during the second whereas Lalor resulted the of produced ore continues and quarter rehabilitation facilities. be quarter. on tonnes first at metallurgical The of operations planned in the system the at relocation period the the production X,XXX mill gold, Lalor. employee for significantly until caused XXX mining conditions per the house value ounces been to are the Britannia higher and XXX ramp-up workforce Lalor fleet the slightly and hoisting with fronts, at from achieve completing lower time closure sequence new and allow XXX months. expansion ground copper the respectively, increased maintenance, in equipment tonnes pillar greater to first of ramp-up has operations inclusion in per day at zinc, XXX,XXX have mill cause change challenges production in gold, by of to mill. and continue zinc silver. end and mined the underway XXXX. than the blocks. doré, These COVID-XX, year production X% lower of Manitoba quarter-over-quarter, of metals Full redeployment production within
quarter business, the in but XXXX continued mineral in introduced in in transition combined to than further unit range. guidance usage propane $XXX we Peru, in in combined improve estimates and are with reserve offset unit mining totaled recoveries million second with inflationary XXX Manitoba's annual to over costs to guidance resulted primarily were be first the gold disclosure reserves operating were due within our reevaluations of quarter, mine and levels. coupled Additional and quarter tonnes remain fourth Gold the to cash Manitoba Constancia pressures at contained costs gold X% largely producing to quarter colder our line Constancia tonnes in targeted we cost the ranges. additional higher and range, the initiatives at per cost planned update. guidance X.X lower in tonnes Current mineral higher resource guidance for fuel first planning copper. commodities and Full line primary during would within Late expected ounce X.XX% winter year reserve XXXX costs a provided In with cash copper With million are depletion. at mineral bulk annual gains processed. XXXX. March, the with economic
As to year has a mine X XXXX. extended expected been result, Constancia’s by life
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on for initial development land been We deposits being results the also technical incorporated operation the have and discovery PEA Copper The the package successfully hold a and land. contemplating private Copper studies Rosemont first into utilizing incorporate our over stand-alone alternative acres World private of support on contemplating X,XXX World Copper land our are the entirely infrastructure World located mine plan to patented the PEA after Rosemont private expected a claims. X-phase an conjunction Copper for with mining synergies. World and now on processing to operation expanded plan in for completed, The to deposit with the a is and an of reflecting capitalize regional portions phase mining
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positive and publishing in and forward activities In quarter to initial to at private place this the a report on expect we long-life April, Copper technical project, copper We year. economics commenced grading second taking PEA results demonstrate in our clearing World with works early land. the look site for this low-cost, the we of
also number We infill site to increased to future the support have to conduct and drill X rigs of and feasibility studies. drilling at
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with support a to opportunity. achieve summarizes catalysts. drill day of year we tailings this tailings advancing X year commenced earlier. facility also the earlier on plans per Flin evaluation program by of the In Manitoba, at Snow I to reprocessing our as are Lake gold upcoming the the end strategy Slide underway We Lalor touched confirmatory Flon tonnes X,XXX our the on
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communities of in compile Snow brands. decision mutually of year, to continue We ongoing upside, discussions Peru, beneficial the States, results In for submitting to drilling highly Copper will we continue Constancia, from outcome Lalor Rosemont drilling to the infill and World the in regional at the Lake await metal XXXX. the In state-level continue will appeal be this Circuit to north with expect base explore programs working and the agreements continue for towards gold applications permit to we regional United we area prospective Court. and the exploration the to forward move will on we from Ninth
and has unable long-term be leading PEA, presentation on copper intend near-term of that industry fundamentals exploration demand as meet to copper skarn high-quality publication property, year. copper initiatives. decarbonization we we the pre-feasibility the pipeline. significant Concluding a our will global supply Copper global believe advance World targets a We demand cash positive Slide program half through to XX, resource free second launch mine offers growth later of to the test organic an expect our XXXX. in supply Mason on flow a optionality best And the in our study to Following this Hudbay from and
the We share to our over have XXX% have and and per the more among cash near-term base increased resources copper the by free peers, highest metal successfully highest our than copper growth flow decade. past leverage equivalent mid-tier we
to happy uniquely these And questions. positioned growth attractive production that, with Hudbay your optionality we're to investors. is reasons, For take long-term believe and for we offer copper
