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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 Limited (TGB) announced an extension of its copper price protection strategy by purchasing put options for 41 million pounds of copper at a strike price of US$3.75 per pound for the second half of 2021. This strategy aims to secure a minimum operating margin of approximately C$165 million for the year. President Stuart McDonald stated that this move enables the company to focus on advancing growth plans for its Florence Copper Project while managing market volatility due to global uncertainties. The management team emphasizes its commitment to protecting shareholder value throughout copper price cycles.
Taseko Mines Limited (TGB) announced a favorable ruling from the Arizona Court of Appeals, confirming a 2019 decision that upheld Florence Copper's right to mine its property and awarded $1.7 million in legal fees. This decision concludes litigation from the Town of Florence, allowing Taseko to advance its operations. Notable milestones include securing one of two key permits required for production and successful bond offerings to meet capital needs. The company is progressing with design and procurement for its in-situ production facility.
Taseko Mines Limited (TGB) reported full-year 2020 earnings before depletion and amortization of $119 million and an adjusted EBITDA of $108 million. Despite a net loss of $24 million, copper production reached 123 million pounds. The company anticipates 2021 production to rise to 125 million pounds due to a strong copper market, with prices exceeding US$4.20 per pound. Taseko’s Florence Copper project is set to enhance copper production by 85%. The firm has a cash balance of approximately US$200 million to support development activities.
Taseko Mines Limited (TSX: TKO, NYSE American: TGB) will release its year-end 2020 financial and production results on February 24, 2021, after market close. A conference call to discuss these results is scheduled for February 25, 2021, at 11:00 a.m. ET, where management will present the results followed by a Q&A session. Investors can access the call via phone or listen to an archived version until March 11, 2021.
Taseko Mines Limited (NYSE American: TGB) has successfully completed a US$400 million offering of 7.0% Senior Secured Notes maturing in 2026. These funds will help redeem existing US$250 million 8.75% Senior Secured Notes due 2022. Currently, Taseko holds US$200 million cash with no significant debt until 2026. The financing bolsters the capital for the Florence Copper project, estimated at US$230 million, with cash flows from Gibraltar benefiting from copper prices above US$3.70 per pound.
Taseko Mines Limited (TGB) announced an upsized offering of US$400 million in Senior Secured Notes due 2026, an increase of US$75 million from the previous amount. The Notes carry an annual interest rate of 7.0%, payable semi-annually, and will be issued at par. Proceeds will be used to redeem US$250 million of existing notes, fund capital expenditures at the Florence Copper project and Gibraltar mine, and for general corporate purposes. The offering is expected to close on February 10, 2021.
Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) announced the offering of US$325 million in Senior Secured Notes due 2026. The funds will be used to redeem existing 8.75% Senior Secured Notes due 2022, finance capital expenditures for the Florence Copper project and Gibraltar mine, and cover general corporate expenses. The offering is exempt from registration under U.S. securities laws and will be available to qualified institutional buyers. No regulatory authority has approved the information in this release.
Taseko Mines Limited (TGB) provided an update on its 2020 financial and operational performance, highlighting a significant increase in Adjusted EBITDA, estimated between $105 and $110 million, compared to $51 million in 2019. The Gibraltar mine produced 123 million pounds of copper and 2.3 million pounds of molybdenum. With a cash balance of $85 million, Taseko anticipates further production growth and remains optimistic about rising copper prices, currently around US$3.65 per pound.
Taseko Mines Limited (TGB) announced that the Florence Town Council will not appeal the recently granted Aquifer Protection Permit by the Arizona Department of Environmental Quality. This decision is seen as a positive step, suggesting a collaborative future. The company expects to transition Florence Copper to commercial production, projecting an average output of 85 million pounds of copper annually for 20 years, starting in late 2022. Key project metrics include a pre-tax NPV of $920 million, a 40% internal rate of return, and a 20-year mine life with low cash costs.
Taseko Mines Limited (TGB) announced that the Arizona Department of Environmental Quality has granted an Aquifer Protection Permit for its Florence Copper Project. This permit is a critical milestone, validating the project's environmental integrity. The project is expected to produce 85 million pounds of copper annually at a cash cost of US$1.13 per pound, with an after-tax NPV of US$680 million at a US$3.00 copper price, rising to US$920 million at current prices. Construction is set to begin in 2021, aligning with a growing demand for copper as the world transitions to greener energy.
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