Taseko Mines Stock Price, News & Analysis

Taseko Mines (TGB) has provided an update on the construction progress of its Florence Copper project. Key highlights include:

• Project is approaching 40% completion as of September 30, 2024
• First copper production anticipated in Q4 2025
• Approximately 300,000 project hours worked with no reportable injuries or environmental incidents
• 280 construction personnel currently on site
• Earthworks and site preparation ~75% complete
• Concrete foundations ~50% complete
• 34 out of 90 production wells completed
• 75 out of 170 permanent operating staff positions filled

The company expects total costs to be within 10-15% of the original US$232 million estimate. Taseko has also applied for a tax credit of up to US$110 million through the U.S. Department of Energy's 48C Program, with a decision expected in January 2025.

Taseko Mines reported its second quarter 2024 financial and operational performance, noting key developments at its Gibraltar Mine and Florence Copper project. The company achieved Adjusted EBITDA of $71 million and earnings from mining operations of $77 million, assisted by a $26 million insurance recovery. Revenues for the quarter reached $138 million, but the company recorded a net loss of $11 million ($0.04 loss per share).

Production at Gibraltar included 20 million pounds of copper and 185 thousand pounds of molybdenum. Production was impacted by both planned downtime and an 18-day labor strike. Total operating costs were $2.99 per pound of copper produced.

Construction at the Florence Copper project continued to ramp up, with key milestones such as pouring concrete foundations and completing 18 production wells. The project remains on schedule for first copper production in Q4 2025.

Financial highlights include a cash balance of $199 million and available liquidity of approximately $308 million, including an undrawn $80 million revolving credit facility.

Taseko Mines (TSX: TKO) (NYSE American: TGB) (LSE: TKO) has announced the upcoming release of its second quarter 2024 financial results. The results will be disclosed after market close on Wednesday, July 31, 2024. Following the release, the company will host a telephone conference call and live webcast on Thursday, August 1, 2024, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss the results.

Investors and analysts can join the conference call through various methods, including pre-registration for an automated callback or by dialing in directly. The call will also be available for playback until August 15, 2024, via phone or online access.

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.

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.

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.

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.

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.

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.