TORONTO, Feb 19, 2019 (GLOBE NEWSWIRE via COMTEX) -- TORONTO, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE:HBM) today released its fourth quarter and full year 2018 financial results and production and cost guidance for 2019. All amounts are in U.S. dollars, unless otherwise noted.
Hudbay's management team has a proven track record of successful new mine development and expertise in both open pit and underground mining. In 2015, Hudbay completed the best in-class development and ramp-up of the Constancia mine in Peru, which is now the lowest cost per tonne open-pit copper mine in South America  . Constancia was a greenfield project in a new jurisdiction for Hudbay and the strong community relationships the company has built provides it with the social license to continue to grow its Peruvian business.
 Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information, please see page 11 of this news release.
[1 ] Metal reported in concentrate is prior to deductions associated with smelter contract terms.
[2 ] Includes refined zinc metal sold and payable zinc in concentrate sold.
 Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see page 11 of this news release.
[1 ] Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms.
[2 ] 2018 figures include 100% of Reed mine production; Hudbay owned a 70% interest in the Reed mine.
[3 ] Precious metals production includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1.
[4 ] Initial 2018 guidance for Peru precious metals production was 65,000 to 85,000 ounces.
In 2019, production of copper contained in concentrate is forecast to decrease by approximately 12%  compared to 2018 production, primarily due to the closure of the Reed mine in 2018 and slightly lower copper grades at Constancia in line with the mine plan. Production of zinc contained in concentrate in 2019 is forecast to decrease by approximately 7%  compared to 2018 production, due to lower zinc grades at the 777 and Lalor mines, in line with the respective mine plans. Lalor mine ramp-up is on track to reach a nominal 4,500 tonnes per day in 2019 as a result of several recent initiatives including increased drill inventory, improved paste backfill availability, engagement of third party contractors and higher planned equipment utilization.
Production of precious metals contained in concentrate in 2019 is forecast to slightly decrease by approximately 6%  compared to 2018 production, primarily due to marginally lower precious metals grades at Constancia. Manitoba precious metals production reflects the optimization of the Lalor mine plan to prioritize base metal ore in the near term and defer certain areas of high-grade gold and copper-gold ore until the planned restart of the New Britannia mill in 2022, as recently announced.
 Initial 2018 guidance for Peru growth capital expenditures was $45.0 million. This included expenditures for developing the Pampacancha deposit and acquiring surface rights, which, as previously announced, was deferred to 2019.
 2019 guidance assumes exploration expenditures of $5 million and $10 million for Manitoba and Peru, respectively, will be capitalized.
[1 ] Reflects combined mine, mill and G&A costs per tonne of milled ore. Manitoba 2018 figures include the cost of ore purchased from the joint venture partner at the Reed mine. Peru costs reflect the deduction of expected capitalized stripping costs.
 Combined unit costs are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see page 11 of this news release.
 Initial 2018 guidance for Manitoba unit operating costs was C$110 - 123 per tonne.
 Excluding molybdenum plant costs, combined unit costs for the full year were $9.17 per tonne.
Combined unit costs for Manitoba in 2019 are forecast to be slightly lower  than 2018 unit costs of approximately C$130 per tonne which reflects the closure of the Reed mine, declining ore production at the 777 mine, costs for trucking ore from Lalor to the Flin Flon concentrator for processing and the cost of additional contracted labour at Lalor. Combined unit costs for Peru in 2019 are expected to be approximately 7%  lower than 2018 unit costs as a result of operating efficiencies and the impact of a one-time accrual in 2018 for signing bonuses for the three-year collective bargaining agreement. 2019 Peru unit costs and molybdenum production guidance also reflect expected high utilization rates of the molybdenum plant.
[1 ] Unit costs are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see page 11 of this news release.
if the meeting is to be held on a date that is less than 50 days after the first public announcement of the meeting date, not later than the close of business on the 15th day following such announcement.
The technical and scientific information in this news release related to the Constancia mine and Rosemont project has been approved by Cashel Meagher, P. Geo, Hudbay's Senior Vice President and Chief Operating Officer. The technical and scientific information related to the Manitoba sites and projects (including the Lalor gold zone) contained in this news release has been approved by Olivier Tavchandjian, P. Geo, Hudbay's Vice-President Exploration and Geology. Messrs. Meagher and Tavchandjian 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 at Hudbay's material properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the Technical Reports for the company's material properties as filed by Hudbay on SEDAR at www.sedar.com.
 Please refer to Hudbay's February 19, 2019 news release titled "Hudbay Announces Increased Lalor Mineral Reserves and Resources and Updated Mine Plan that Confirms Substantial Increase in Gold Production" for further information.
 Sourced from Wood Mackenzie Q4 2018 dataset. Based on 2018 forecasted operating costs, including mining, processing and general and administrative expenditures on a per tonne basis, for primary copper, open pit sulphide mines in South America. Wood Mackenzie's costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay's costs, refer to Hudbay's management discussion and analysis for the three months and year ended December 31, 2018.
 Year-over-year forecast changes assume the mid-point of the respective 2019 guidance range is achieved.