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Taseko Mines Limited reports recurring operating and financial developments from its North America-focused copper mining business. Company news centers on the Gibraltar Mine in British Columbia, including copper and molybdenum production, mill throughput, grades, recoveries, operating costs and sales volumes.
Updates also cover Florence Copper in Arizona, where the company produces copper cathode through in-situ copper recovery and SX/EW processing. Additional recurring themes include quarterly and annual results, copper market commentary, project work at Yellowhead and New Prosperity, environmental assessment activity, mine development milestones and financing-related operating updates.
Taseko Mines Limited (TGB) reported 2021 copper production of 112 million pounds from the Gibraltar Mine, with sales of 105 million pounds. Fourth-quarter production reached 29 million pounds. The company faced challenges due to infrastructure disruptions from severe weather but managed 24 million pounds in copper sales in the fourth quarter. Production was affected by lower ore grades but is expected to improve as mining progresses. With copper prices exceeding US$4.50 per pound, Taseko anticipates strong operating margins.
Taseko Mines Limited (TGB) announced the ratification of a new long-term labor agreement at its Gibraltar Mine, effective until May 31, 2024. CEO Stuart McDonald expressed optimism that this agreement will enhance operational success and benefit stakeholders. Despite recent flooding in British Columbia, production remains unaffected, although transportation disruptions have delayed shipments of copper concentrate to Vancouver. The company anticipates lower sales volumes for Q4 2021, with excess inventory expected to be sold in early 2022.
Taseko Mines Limited (TGB) announced on November 22, 2021, that the US EPA has provided an initial draft of the Underground Injection Control Permit for its Florence Copper Project in Arizona. The Company's technical team will review the permit wording over the next two weeks, after which a public comment period is expected. CEO Stuart McDonald stated that detailed engineering is well advanced, and they are poised for construction upon the final permit issuance, emphasizing that the project will have a minimal environmental footprint.
Taseko Mines Limited (TSX: TKO, NYSE American: TGB) reported a strong performance for Q3 2021, with revenues of $132.6 million, a 171% increase in adjusted net income to $27 million ($0.10 per share), and Adjusted EBITDA rising 60% to $76.3 million. The Gibraltar Mine produced 34.5 million pounds of copper, showing a 29% quarter-over-quarter increase. The company anticipates 120 million pounds of copper production for the year, maintaining a strong cash position of $239 million and approximately $300 million in available liquidity.
Taseko Mines Limited (TGB) announced its plans to release third quarter 2021 financial results on November 3, 2021, after the market closes. A conference call and live webcast to discuss the results will be held on November 4, 2021, at 11:00 a.m. ET. Interested parties can access the call via phone or online through the company's investor events page. The call will include a Q&A session for analysts and investors. The playback will be available until November 18, 2021.
Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) announced a significant increase in copper and molybdenum production at the Gibraltar Mine for Q3 2021, producing 34.5 million pounds of copper (up 29%) and 600 thousand pounds of molybdenum (up 50%). The average LME copper price was US$4.25 per pound, promising improved financial performance. The company is also mobilizing a drill crew for further exploration to expand Gibraltar's resource base and has secured a US$50 million Revolving Credit Facility to support future projects.
Taseko Mines Limited (TGB) has secured a US$50 million Revolving Credit Facility, arranged by National Bank of Canada, for working capital and corporate purposes. CEO Stuart McDonald stated the company expects to fund the Florence Copper Project from cash flow generated by existing operations, indicating no immediate need to draw from the facility. Additionally, the U.S. EPA plans to issue a draft Underground Injection Control permit, essential for construction of the Florence Copper Project, with no significant issues raised thus far.
Taseko Mines Limited (NYSE: TGB) reported significant financial improvements for Q2 2021, showing a net income of $13.4 million and adjusted EBITDA of $47.7 million, marking increases of 101% and 80% respectively over the previous quarter. Copper production rose by 20% to 26.8 million pounds, driven by strong market prices averaging US$4.40 per pound. The company maintains a robust cash position of $226 million, enabling continued investment in the Florence Copper project, which expects to become a low-impact copper producer. Taseko also solidified its copper price protection strategy for the upcoming year.
Taseko Mines Limited (TGB) is scheduled to release its second quarter 2021 financial results after market close on August 4, 2021. A telephone conference call and live webcast will follow on August 5, 2021, at 11:00 a.m. Eastern Time, where management will discuss the results and hold a Q&A session for analysts and investors. For access, participants can dial numbers specific to their regions or join online.
Taseko Mines Limited announced the sale of the Harmony Gold Project to JDS Gold Inc., a newly formed company, on July 12, 2021. Taseko will retain a 15% carried interest and a 2% net smelter return royalty on the project located on Graham Island, British Columbia. The agreement includes a provision for Taseko to regain full ownership if JDS fails to meet development milestones. Taseko's President emphasized the potential for shareholder value creation through this partnership, while JDS is optimistic about advancing the project due to its experience in mining development.