Taseko Mines Stock Price, News & Analysis

Taseko Mines Limited (NYSE American: TGB) has announced updated economics for its Florence Copper Project in Arizona, as detailed in a new technical report filed on March 30, 2023. The project shows a net present value of US$930 million after tax, an internal rate of return of 47%, and a payback period of 2.6 years. Taseko anticipates operating costs of US$1.11 per pound of copper, with a total mine life of 22 years. Despite cost inflation, the project continues to demonstrate strong economics, and the company plans to proceed with construction pending final permit approval.

Taseko Mines Limited (TSX: TKO, NYSE American: TGB) announced its acquisition of a 12.5% interest in the Gibraltar Mine from Sojitz Corporation. This acquisition raises Taseko's effective ownership in the mine to 87.5%. The deal is valued at a minimum of C$60 million, to be paid over five years, with an initial payment of C$10 million. Remaining payments will consist of C$10 million annual installments, along with potential contingent payments based on copper revenues and prices. This strategic acquisition is aimed at enhancing Taseko's operational control and revenue generation capabilities from the Gibraltar Mine.

Taseko Mines Limited (TGB) announced its financial results for 2022, reporting an Adjusted EBITDA of $109 million and revenues of $392 million. The annual copper production totaled 97 million pounds, a decline from 112.3 million in 2021, primarily due to lower copper prices and increased production costs. The company plans for a production increase to 115 million pounds in 2023 and is acquiring a 12.5% interest in its Gibraltar Mine, raising its stake to 87.5%. Additionally, a strategic partnership with Mitsui is set to fund development projects, including the Florence Copper project, with an initial investment of US$50 million.

Taseko Mines Limited (TSX: TKO, NYSE American: TGB) announced an agreement to acquire an additional 12.5% interest in the Gibraltar Mine from Sojitz Corporation for a minimum of C$60 million over five years. This will increase Taseko's effective interest in the mine to 87.5%, contributing to an immediate 17% increase in copper production and earnings. Payment includes an initial C$10 million upon closing and C$10 million annual installments thereafter. Additionally, there are potential contingent payments tied to copper prices. The acquisition is viewed as strategically beneficial, allowing Taseko to focus on its Florence Copper project.

Taseko Mines Limited (NYSE American: TGB) announced ongoing discussions with Sojitz Corporation regarding the potential acquisition of Sojitz's 12.5% interest in the Gibraltar Mine, where Taseko holds a 75% stake. The transaction includes a modest up-front payment and additional annual payments over five years, tied to Gibraltar's copper revenues. While no binding agreement has been finalized, Taseko plans to fund the initial payment with cash on hand. The deal is contingent on various regulatory approvals, and there’s no assurance it will proceed. This acquisition could enhance Taseko's operational interest in Gibraltar, subject to economic and market conditions.

Taseko Mines Limited (TGB) announced the extension of its US$50 million Revolving Credit Facility to July 2, 2026. This facility, arranged by National Bank of Canada, remains undrawn and is available for general and working capital needs. An accordion feature allows for a potential increase to US$80 million. Additionally, Taseko extended its copper price protection program, securing a minimum price of US$3.75 per pound for the second half of 2023 production. This strategy, along with diesel hedging, aims to mitigate price risk and manage operational costs. The company expects to begin construction on the Florence Copper Project pending final permits.

Taseko Mines Limited (NYSE American: TGB) has secured a US$25 million underwritten commitment from Banc of America Leasing & Capital to fund its Florence Copper project, specifically the Solvent Extraction and Electrowinning (SX/EW) plant. This financing aims to bolster the company's balance sheet and provide flexibility for construction in 2023. The funds will be accessible upon the final approval of the Underground Injection Control permit from the EPA. The loan is secured by equipment, has a five-year term, and carries no financial covenants, supporting Taseko's sustainable mining initiatives.

Taseko Mines Limited (NYSE American: TGB) reported 2022 copper sales of 101 million pounds with production reaching 97 million pounds from the Gibraltar Mine. Q4 results showed 26 million pounds in copper sales and 27 million pounds in production. Challenges arose in December due to unplanned mill downtime and a temporary power outage, leading to reduced throughput. On a positive note, molybdenum production hit a record 360 thousand pounds in Q4, with prices surging nearly 75% to over US$30 per pound, indicating robust future by-product credits.

Taseko Mines Limited (TGB) announced a strategic partnership with Mitsui & Co. to advance its Florence Copper project in Arizona. Mitsui will invest US$50 million initially through a copper stream agreement, with an option for an additional US$50 million for a 10% equity stake. The partnership includes an offtake contract for 81% of copper cathode output in early production years, focusing on 'green copper' sales in the U.S. Mitsui's involvement aims to enhance Taseko's financing and accelerate construction, highlighting Florence's low-carbon production potential.