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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) announces the extension of its standstill agreement with the Tŝilhqot'in Nation for one additional year. This decision follows a constructive dialogue aimed at resolving ongoing conflicts regarding the New Prosperity gold-copper project. The talks were initially initiated in late 2019, with delays due to the COVID-19 pandemic. The extension allows both parties to continue discussions, reflecting Taseko's commitment to addressing the Nation's concerns while pursuing its commercial interests.
Taseko Mines Limited (TGB) has successfully closed a bought deal offering, selling 27,750,000 common shares at US$0.83 per share, garnering gross proceeds of approximately US$23 million. An additional 4,162,500 common shares will be issued due to the Underwriters exercising their over-allotment option, adding approximately US$3.45 million. Proceeds will fund ongoing operating, engineering, and project costs related to the Florence Copper Project, alongside general corporate purposes. The offering was executed under an underwriting agreement with several financial institutions.
Taseko Mines has entered an agreement for a bought deal of 27,750,000 common shares at US$0.83 each, raising approximately US$23 million. There’s also a 30-day option for underwriters to purchase an additional 4,162,500 shares for up to US$3.5 million. Proceeds will fund the Florence Copper Project and general corporate purposes. The offering is set to close around November 17, 2020, pending necessary approvals. Furthermore, Taseko plans a non-brokered private placement of 2,409,639 shares at the same issue price for up to US$2 million, subject to TSX and NYSE approval.
Taseko Mines Limited (TGB) reported its Q3 2020 earnings, showing earnings from mining operations before depletion and amortization of $35.7 million and an Adjusted EBITDA of $31.5 million. The company achieved a net income of $1.0 million with sales of 29 million pounds of copper, generating revenues of $86.8 million. Despite lower than expected copper grades averaging 0.23%, molybdenum production remained strong at 668 thousand pounds. The company continues to advance its Florence Copper Project, with expectations for permitting progress in early 2021.
On October 22, 2020, Taseko Mines Limited (TGB) announced it will release its third quarter 2020 financial results after the market close on October 26, 2020. A conference call and live webcast will be held on October 27, 2020, at 11:00 a.m. ET to discuss these results. Management will make opening remarks, followed by a Q&A session for analysts and investors. The call can be accessed by dialing specific numbers for Canada, the US, and internationally, with an archived playback available until November 13, 2020.
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Taseko Mines Limited (TGB) announced strong community support for its Florence Copper Project during a recent public hearing held by the Arizona Department of Environmental Quality (ADEQ). Out of 30 speakers, only one opposed the project, indicating extensive backing from local stakeholders. Taseko has emphasized the environmental safeguards and benefits of its copper extraction process, proven effective over 18 months of testing. The ADEQ will accept public comments until October 12 before finalizing the Aquifer Protection Permit.
Taseko Mines Limited (NYSE American: TGB) announced that the draft Aquifer Protection Permit (APP) has been issued by the Arizona Department of Environmental Quality. The public comment period for the permit commenced on August 6, 2020, and will conclude on September 11, 2020. This confirms the expectation set in Taseko's previous release dated August 4, 2020. The CEO, Russell Hallbauer, emphasized the significance of this permit for the company's operations. However, the PR highlights various uncertainties related to market conditions and the mining industry.
Taseko Mines Limited (NYSE American: TGB) reported strong second-quarter 2020 results, featuring earnings from mining operations before depletion and amortization of $50.3 million and net income of $18.7 million ($0.08 per share). Copper production reached 36.8 million pounds, a 14% increase from Q1, benefiting from an improved copper price at US$2.95 per pound. Total revenues surged to $106 million, a 71% increase compared to the first quarter. The company anticipates a successful permitting process for the Florence Copper Project and ongoing discussions for financing and joint ventures.
Taseko Mines Limited (TGB) has announced that the Arizona Department of Environmental Quality will issue the draft Aquifer Protection Permit for the Florence Copper production facility on August 6, 2020. This permit is crucial for advancing the project to commercial production. CEO Russell Hallbauer emphasized the permit's significance, asserting the environment safety of the in-situ mining process demonstrated over 18 months of testing. The company is winding down its test facility while refining its operational plans for the commercial phase using recently collected data.