STOCK TITAN

Taseko Mines Limited - TGB STOCK NEWS

Welcome to our dedicated page for Taseko Mines news (Ticker: TGB), a resource for investors and traders seeking the latest updates and insights on Taseko Mines stock.

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.

Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.84%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.22%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
8.44%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
23.2%
Tags
partnership
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
15.89%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.26%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.42%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
8.94%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
9.17%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.62%
Tags

FAQ

What is the current stock price of Taseko Mines (TGB)?

The current stock price of Taseko Mines (TGB) is $2.08 as of November 18, 2024.

What is the market cap of Taseko Mines (TGB)?

The market cap of Taseko Mines (TGB) is approximately 624.1M.

What is Taseko Mines Limited's main operation?

Taseko Mines Limited primarily operates the Gibraltar Mine in British Columbia, the second largest open-pit copper-molybdenum mine in Canada.

Where are Taseko's mining projects located?

Taseko's projects are located in British Columbia, Canada, and Arizona, USA.

What is the production capacity of the Gibraltar Mine?

The Gibraltar Mine has a processing capacity of 85,000 tons of ore per day and an annual copper production of 180 million pounds.

What are Taseko's key projects besides Gibraltar?

Besides Gibraltar, Taseko's key projects include the Florence Copper Project, Yellowhead Copper Project, New Prosperity Gold-Copper Project, and Aley Niobium Project.

What recent financial successes has Taseko achieved?

In 2023, Taseko reported adjusted EBITDA of $190 million and increased its effective interest in the Gibraltar Mine to 100%.

How is Taseko financing the Florence Copper Project?

Taseko has secured a US$50 million royalty agreement with Taurus Mining Royalty Fund and other financings to support the construction of Florence Copper.

When is the Florence Copper Project expected to begin production?

The Florence Copper Project is expected to start commercial production in the fourth quarter of 2025.

What strategic move did Taseko make in March 2024?

In March 2024, Taseko acquired the remaining 12.5% interest in the Gibraltar Mine, achieving full ownership.

What is the significance of Taseko's recent Senior Secured Notes offering?

The US$500 million Senior Secured Notes offering will support capital expenditures at the Gibraltar Mine and Florence Copper Project, enhancing financial flexibility.

What is Taseko's approach to sustainable mining?

Taseko is committed to sustainable mining practices, focusing on environmental sustainability, community engagement, and the health and safety of its workforce.

Taseko Mines Limited

NYSE:TGB

TGB Rankings

TGB Stock Data

624.13M
293.35M
2.48%
30.6%
0.57%
Copper
Basic Materials
Link
United States of America
Vancouver