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Taseko Mines Limited - TGB STOCK NEWS

Welcome to our dedicated page for Taseko Mines news (Ticker: TGB), a resource for investors and traders seeking the latest updates and insights on Taseko Mines stock.

Taseko Mines Limited (TGB) is a Canadian mining company, renowned for its pioneering role in North America's mining sector. Primarily engaged in the production and sale of metals, Taseko operates several key mining properties within British Columbia, Canada, and Arizona, USA. The company is best known for its 75% ownership of the Gibraltar Mine, the second largest open-pit copper-molybdenum mine in Canada, which is also the largest employer in the Cariboo Region.

Acquired in 1999, the Gibraltar Mine has undergone significant expansion and modernization, transforming from a facility set for demolition to one with a processing capacity of 85,000 tons of ore per day and an annual copper production of 180 million pounds. The mine's revitalization is a testament to Taseko's commitment to sustainable growth and innovation in mining practices.

In addition to the Gibraltar Mine, Taseko's notable projects include:

  • Florence Copper Project in Arizona: A low-cost, environmentally-friendly copper production facility expected to commence operations by Q4 2025.
  • Yellowhead Copper Project in British Columbia: A long-life project with significant copper, gold, and silver reserves, currently in the environmental assessment phase.
  • New Prosperity Gold-Copper Project: A project under negotiation with the Tŝilhqot'in Nation for a long-term resolution to its development.
  • Aley Niobium Project: Focused on niobium production for industrial applications, particularly in the growing market for niobium-based batteries.

Financially, Taseko has demonstrated robust performance with notable achievements such as:

  • Full year 2023 adjusted EBITDA of $190 million and earnings from mining operations before depletion and amortization of $207 million.
  • A significant increase in effective interest in the Gibraltar Mine from 75% to 87.5% in March 2023, and further to 100% in March 2024.
  • Successful refinancing of senior secured notes extending maturity to 2030, enhancing financial flexibility.

Recent developments highlight Taseko's proactive approach to growth and stability:

  • Gibraltar Mine's production of 34 million pounds of copper and 369 thousand pounds of molybdenum in Q4 2023, exceeding guidance.
  • Definitive agreement with Taurus Mining Royalty Fund for a US$50 million royalty to finance the Florence Copper project's construction.
  • Strategic acquisition of the remaining 12.5% interest in the Gibraltar Mine, achieving full ownership.
  • Commencement of a US$500 million Senior Secured Notes offering to support capital expenditures at Gibraltar and Florence Copper projects.

Taseko Mines Limited is strategically positioned to capitalize on the increasing demand for copper, driven by global electrification trends and infrastructure investments. The company's commitment to sustainable mining practices and its robust project pipeline underscore its potential for long-term value creation.

Rhea-AI Summary

Taseko Mines (TSX: TKO, NYSE MKT: TGB, LSE: TKO) reports second quarter production of 20 million pounds of copper and 185,000 pounds of molybdenum at its Gibraltar Mine. Production was impacted by mill downtime for in-pit crusher relocation, maintenance activities, and an 18-day strike in June. The in-pit crusher move is now complete, and concentrator #1 is ramping up to full capacity. Concentrator #2 has been running consistently with improved throughput since January repairs. An insurance claim of US$22 million related to the previous issue is expected in Q3. Despite challenges, Taseko expects stronger production in H2 2024, with annual copper production estimated at 110-115 million pounds, slightly below the original 115 million pounds guidance.

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Taseko Mines (TSX: TKO, NYSE MKT: TGB, LSE: TKO) released its 2023 Sustainability Report, titled H20 + ESG. The report details the Company's sustainability milestones at the Gibraltar Mine, including a significant 77% reduction in free water stored in the mine’s tailings storage facility over the past decade, thanks to innovative water management strategies. Additionally, it highlights contributions from the Florence Copper project in Arizona, soon to be Taseko’s second operating asset. President and CEO Stuart McDonald emphasized the importance of water conservation and the contributions of employees and partners in achieving these goals. The full report and a related video are available online.

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Taseko Mines (TSX: TKO, NYSE MKT: TGB, LSE: TKO) has ratified a new labor agreement for its Gibraltar Mine, effective until May 31, 2027.

Workers have been recalled, and mining operations along with milling in concentrator #2 are resuming. However, concentrator #1 remains idle due to ongoing crusher relocation and scheduled maintenance.

This development marks a significant step for Taseko Mines in ensuring operational stability and continuity at Gibraltar Mine.

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Taseko Mines (TSX: TKO, NYSE MKT: TGB, LSE: TKO) announced a tentative labour agreement with the unionized workforce at its Gibraltar Mine. The agreement awaits ratification by union members, with voting scheduled for Monday and Tuesday. If ratified, operations are expected to resume on Wednesday. This development is important for maintaining operational continuity and productivity at Gibraltar Mine.

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Taseko Mines (TSX: TKO, NYSE American: TGB, LSE: TKO) disclosed the voting results from its 2024 Annual General Meeting held on June 13, 2024, in Vancouver.

A total of 153,248,875 common shares were voted, representing 52.6% of all outstanding shares. Shareholders approved all business items, including the Amendment and Continuation of the Share Option Plan, the Continuation of the Performance Share Unit Plan, and the Advisory Resolution on executive compensation. All director nominees were elected, with Rita Maguire and Stuart McDonald receiving the highest approval at 98.7% each.

Detailed results are available on SEDAR. This announcement has not been approved or disapproved by any regulatory authority.

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On June 1, 2024, Taseko Mines announced the suspension of operations at its Gibraltar Mine due to a failure in collective bargaining with union representatives. The unionized workforce plans to strike as of midnight, May 31, 2024. Consequently, Taseko proactively shut down mining and milling operations, placing the mine on care and maintenance with only essential staff maintaining critical systems. Taseko remains committed to achieving a fair agreement through continued bargaining efforts.

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Taseko Mines reported first quarter 2024 Adjusted EBITDA of $50 million, with revenues of $147 million and net income of $19 million. Gibraltar mine produced 30 million pounds of copper and 247 thousand pounds of molybdenum. The acquisition of the remaining 12.5% interest in Gibraltar provides cashflow and cost savings. Florence Copper construction is progressing well. The Company refinanced its senior secured notes for financial flexibility.

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Taseko Mines (TGB) has completed a $500 million notes offering, issuing 8.250% Senior Secured Notes due 2030, with a portion of the proceeds to redeem existing notes. The remaining funds will support construction at Florence Copper. The offering provides financial flexibility for capital expenditures and general corporate purposes.
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Taseko Mines announced a US$500 million Senior Secured Notes offering due 2030 at an 8.25% annual interest rate to redeem existing notes, fund projects, and for general corporate purposes.
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Taseko Mines (TGB) announces a $500 million offering of Senior Secured Notes due 2030 to redeem existing notes and fund various projects. The Notes are unregistered and targeted towards qualified institutional buyers in the US and non-US persons outside the US.
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FAQ

What is Taseko Mines Limited's main operation?

Taseko Mines Limited primarily operates the Gibraltar Mine in British Columbia, the second largest open-pit copper-molybdenum mine in Canada.

Where are Taseko's mining projects located?

Taseko's projects are located in British Columbia, Canada, and Arizona, USA.

What is the production capacity of the Gibraltar Mine?

The Gibraltar Mine has a processing capacity of 85,000 tons of ore per day and an annual copper production of 180 million pounds.

What are Taseko's key projects besides Gibraltar?

Besides Gibraltar, Taseko's key projects include the Florence Copper Project, Yellowhead Copper Project, New Prosperity Gold-Copper Project, and Aley Niobium Project.

What recent financial successes has Taseko achieved?

In 2023, Taseko reported adjusted EBITDA of $190 million and increased its effective interest in the Gibraltar Mine to 100%.

How is Taseko financing the Florence Copper Project?

Taseko has secured a US$50 million royalty agreement with Taurus Mining Royalty Fund and other financings to support the construction of Florence Copper.

When is the Florence Copper Project expected to begin production?

The Florence Copper Project is expected to start commercial production in the fourth quarter of 2025.

What strategic move did Taseko make in March 2024?

In March 2024, Taseko acquired the remaining 12.5% interest in the Gibraltar Mine, achieving full ownership.

What is the significance of Taseko's recent Senior Secured Notes offering?

The US$500 million Senior Secured Notes offering will support capital expenditures at the Gibraltar Mine and Florence Copper Project, enhancing financial flexibility.

What is Taseko's approach to sustainable mining?

Taseko is committed to sustainable mining practices, focusing on environmental sustainability, community engagement, and the health and safety of its workforce.

Taseko Mines Limited

NYSE:TGB

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644.11M
291.50M
2.53%
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1.23%
All Other Metal Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
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