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Taseko Mines Limited (TGB) is a Canadian mining company, renowned for its pioneering role in North America's mining sector. Primarily engaged in the production and sale of metals, Taseko operates several key mining properties within British Columbia, Canada, and Arizona, USA. The company is best known for its 75% ownership of the Gibraltar Mine, the second largest open-pit copper-molybdenum mine in Canada, which is also the largest employer in the Cariboo Region.
Acquired in 1999, the Gibraltar Mine has undergone significant expansion and modernization, transforming from a facility set for demolition to one with a processing capacity of 85,000 tons of ore per day and an annual copper production of 180 million pounds. The mine's revitalization is a testament to Taseko's commitment to sustainable growth and innovation in mining practices.
In addition to the Gibraltar Mine, Taseko's notable projects include:
- Florence Copper Project in Arizona: A low-cost, environmentally-friendly copper production facility expected to commence operations by Q4 2025.
- Yellowhead Copper Project in British Columbia: A long-life project with significant copper, gold, and silver reserves, currently in the environmental assessment phase.
- New Prosperity Gold-Copper Project: A project under negotiation with the Tŝilhqot'in Nation for a long-term resolution to its development.
- Aley Niobium Project: Focused on niobium production for industrial applications, particularly in the growing market for niobium-based batteries.
Financially, Taseko has demonstrated robust performance with notable achievements such as:
- Full year 2023 adjusted EBITDA of $190 million and earnings from mining operations before depletion and amortization of $207 million.
- A significant increase in effective interest in the Gibraltar Mine from 75% to 87.5% in March 2023, and further to 100% in March 2024.
- Successful refinancing of senior secured notes extending maturity to 2030, enhancing financial flexibility.
Recent developments highlight Taseko's proactive approach to growth and stability:
- Gibraltar Mine's production of 34 million pounds of copper and 369 thousand pounds of molybdenum in Q4 2023, exceeding guidance.
- Definitive agreement with Taurus Mining Royalty Fund for a US$50 million royalty to finance the Florence Copper project's construction.
- Strategic acquisition of the remaining 12.5% interest in the Gibraltar Mine, achieving full ownership.
- Commencement of a US$500 million Senior Secured Notes offering to support capital expenditures at Gibraltar and Florence Copper projects.
Taseko Mines Limited is strategically positioned to capitalize on the increasing demand for copper, driven by global electrification trends and infrastructure investments. The company's commitment to sustainable mining practices and its robust project pipeline underscore its potential for long-term value creation.
Taseko Mines has appointed Crystal Smith to its Board of Directors. Smith, who has served as elected Chief Councillor of the Haisla Nation for seven years, brings significant experience in Indigenous governance and responsible industrial development. She played a key role in developing Cedar LNG, the first Indigenous majority-owned LNG project in Kitimat, BC, and leads Haisla Nation's involvement with LNG Canada. Smith chairs the First Nations LNG Alliance and serves as Director of the First Nations Climate Initiative, focusing on responsible economic development aligned with net-zero targets.
Taseko Mines reports Q3 2024 results with $48 million Adjusted EBITDA and $156 million revenue. Gibraltar mine produced 27 million pounds of copper and 421,000 pounds of molybdenum. Total operating costs were US$2.92 per pound of copper. The company recorded a net loss of $0.2 million and adjusted net income of $8 million ($0.03 per share).
Florence Copper construction progresses on schedule with nearly 300 contractors on site. The company expects copper production to increase to 120-130 million pounds in 2025. Cash balance stood at $209 million as of September 30, 2024.
Taseko Mines (TSX: TKO; NYSE American: TGB; LSE: TKO) has announced it will release its third quarter 2024 financial results after market close on Wednesday, November 6, 2024. The company will host a telephone conference call and live webcast on Thursday, November 7, 2024, at 11:00 a.m. Eastern Time to discuss the results. The event will include management remarks followed by a Q&A session for analysts and investors. Participants must pre-register for the conference call, and a webcast will be available with playback access until February 5, 2025.
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.
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