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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 (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.
On November 3, 2022, Taseko Mines Limited (TGB) reported strong financial performance for Q3 2022, with an Adjusted EBITDA of $34 million and net income of $4.5 million ($0.02 per share). Key highlights include a 37% increase in copper production at the Gibraltar Mine, with 28.3 million pounds produced. Despite higher diesel costs, unit operating costs decreased by 22%. For Q4, Taseko anticipates a 10% production increase. Progress on the Florence Copper Project continues, with strong community support for the Underground Injection Control permit, expected to boost future production.
Taseko Mines Limited (TGB) will announce its third quarter 2022 financial results after the market closes on November 3, 2022. A conference call and live webcast is scheduled for November 4, 2022, at 11:00 a.m. ET, where management will discuss the results followed by a Q&A session for analysts and investors. The call can be accessed via dialing specific numbers based on the region or through their website. The recording will be available until November 18, 2022.
Taseko Mines Limited (TGB) has provided an update on its Florence Copper project, announcing strong public support as the U.S. EPA concludes the comment period for the draft UIC permit. Over 98% of comments were favorable, indicating community backing. Taseko asserts that Florence Copper will have one of the industry's lowest carbon footprints and will address U.S. copper demand. CEO Stuart McDonald emphasized the project’s environmental and societal benefits while cautioning about potential risks related to market fluctuations and regulatory approvals.
Taseko Mines Limited (TGB) has provided an update on the federal permitting process for its Florence Copper Project. A public hearing conducted by the EPA on September 15, 2022, saw support from 27 participants for the draft Underground Injection Control (UIC) permit, crucial for advancing the project to commercial production. The public comment period concludes on September 29, 2022. Taseko emphasizes potential risks, including market uncertainties and operational challenges, but remains optimistic about securing the final permit to move forward.
Taseko Mines Limited (TGB) announced that the U.S. Environmental Protection Agency has issued a draft Underground Injection Control permit for its Florence Copper Project. The public comment period will last 45 days, ending on September 29. This permit is crucial for the project's commercial operations. Stuart McDonald, President and CEO, expressed confidence in receiving final approvals after eight years of scrutiny. The project aims to reduce U.S. reliance on foreign copper and is projected to be a low-impact facility.
Taseko Mines Limited (TGB) reported a net loss of $5.3 million for Q2 2022, lower than the $13.4 million profit in Q2 2021. Adjusted EBITDA was $1.7 million, down from $47.7 million the previous year. Cash flow from operations was $18.3 million, a significant drop from $72.5 million. Copper production reached 20.7 million pounds, down from 26.8 million pounds. The average copper price was US$4.08 per pound but fell in the quarter, leading to negative price adjustments totaling $7 million. Management anticipates improved production in H2 2022.
Taseko Mines Limited (TGB) is set to release its second quarter 2022 financial results after market close on August 8, 2022. Investors and analysts are invited to participate in a conference call on August 9 at 11:00 a.m. ET to discuss these results. The call will include an opening statement from management followed by a Q&A session. Access to the call can be made via phone or online at tasekomines.com/investors/events. The call will be archived until August 23, 2022.