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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 reported production results for its Gibraltar Mine on July 8, 2021. The mine produced 27 million pounds of copper and 400 thousand pounds of molybdenum in Q2 2021, marking a 20% increase in copper production from Q1, in line with expectations. Copper prices averaged US$4.40 per pound, the highest quarterly price ever. The company has extended its price protection through copper collars, securing a minimum price of US$4.00 and a ceiling of US$5.60 for 42 million pounds in H1 2022. Engineering work continues at the Florence Copper project, with a draft permit expected by the end of Q3.
Taseko Mines Limited (TGB) announced voting results from its 2021 Annual General Meeting held on June 17, where 141,179,859 shares, representing 49.9% of total shares, were voted. Shareholders approved all items, including election of directors. The company also confirmed the retirement of CEO Russell Hallbauer and COO John McManus, effective June 30, with President Stuart McDonald stepping into the CEO role. Richard Tremblay and Richard Weymark were promoted to Senior VP Operations and VP Engineering, respectively. Taseko achieved over $900 million in operating cash flow during Hallbauer’s tenure.
Taseko Mines Limited (TGB) reported strong earnings for Q1 2021, showing significant increases in Earnings from mining operations, which rose 412% to $30.3 million, and Adjusted EBITDA, up 344% to $23.7 million. Despite a net loss of $5.5 million, the company benefited from a decade-high copper price of approximately US$4.50 per pound. Production reached 22.2 million pounds of copper but was slightly below expectations due to lower head grades. The company anticipates improved performance in the second half of the year, supported by ongoing progress at the Florence Copper project and favorable market conditions.
Taseko Mines Limited (TGB) will release its first quarter 2021 financial results on May 5, 2021, after market close. A conference call and live webcast to discuss these results will take place on May 6, 2021, at 11:00 a.m. ET. Analysts and investors will have the opportunity to ask questions following management's opening remarks. The conference call will be accessible through multiple phone lines, and an archive will be available until May 20, 2021. For further details, visit tasekomines.com/investors/events.
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Taseko Mines Limited (TGB) announced an extension of its copper price protection strategy by purchasing put options for 41 million pounds of copper at a strike price of US$3.75 per pound for the second half of 2021. This strategy aims to secure a minimum operating margin of approximately C$165 million for the year. President Stuart McDonald stated that this move enables the company to focus on advancing growth plans for its Florence Copper Project while managing market volatility due to global uncertainties. The management team emphasizes its commitment to protecting shareholder value throughout copper price cycles.
Taseko Mines Limited (TGB) announced a favorable ruling from the Arizona Court of Appeals, confirming a 2019 decision that upheld Florence Copper's right to mine its property and awarded $1.7 million in legal fees. This decision concludes litigation from the Town of Florence, allowing Taseko to advance its operations. Notable milestones include securing one of two key permits required for production and successful bond offerings to meet capital needs. The company is progressing with design and procurement for its in-situ production facility.
Taseko Mines Limited (TGB) reported full-year 2020 earnings before depletion and amortization of $119 million and an adjusted EBITDA of $108 million. Despite a net loss of $24 million, copper production reached 123 million pounds. The company anticipates 2021 production to rise to 125 million pounds due to a strong copper market, with prices exceeding US$4.20 per pound. Taseko’s Florence Copper project is set to enhance copper production by 85%. The firm has a cash balance of approximately US$200 million to support development activities.
Taseko Mines Limited (TSX: TKO, NYSE American: TGB) will release its year-end 2020 financial and production results on February 24, 2021, after market close. A conference call to discuss these results is scheduled for February 25, 2021, at 11:00 a.m. ET, where management will present the results followed by a Q&A session. Investors can access the call via phone or listen to an archived version until March 11, 2021.
Taseko Mines Limited (NYSE American: TGB) has successfully completed a US$400 million offering of 7.0% Senior Secured Notes maturing in 2026. These funds will help redeem existing US$250 million 8.75% Senior Secured Notes due 2022. Currently, Taseko holds US$200 million cash with no significant debt until 2026. The financing bolsters the capital for the Florence Copper project, estimated at US$230 million, with cash flows from Gibraltar benefiting from copper prices above US$3.70 per pound.