- Taseko Mines Limited (TKO) reports strong financial results highlighted by its cash flows provided by operations bringing $51.8 million
- Taseko’s adjusted net income is $6.2 million and GAAP net income is $5.1 million
- The Gibraltar pit sold 27.4 million pounds of copper resulting in $118.3 million of revenue
- The Gibraltar pit will be the primary source of ore for the remainder of this year
- The pit’s life of mine was recently extended from 16 to 23 years
- Taseko Mines Limited (TKO) is down 4.10 per cent trading at $2.35 per share as of 1:14 p.m. ET
Taseko Mines Limited (TKO) has reported strong financial results highlighted by cash flows provided by operations bringing $51.8 million for the most recent financial quarter.
The company’s first-quarter earnings from mining operations before depletion and amortization are $42.8 million, and adjusted EBITDA is $38.1 million.
Taseko’s adjusted net income is $6.2 million and GAAP net income is $5.1 million and has been reduced by a $2.3 million realized derivative loss related to copper options that expired in the quarter.
The company has approximately $273 million of available liquidity including a cash balance of $213 million.
The Gibraltar pit will be the primary source of ore for the remainder of this year and grade and continuity of mineralization are expected to gradually improve as mining advances to deeper benches.
The Gibraltar pit sold 27.4 million pounds of copper in the quarter at record average realized copper prices of US$4.59 per pound in the quarter resulting in $118.3 million of revenue for Taseko. Copper head grades were 0.19 per cent and recoveries were 80.2 per cent.
Total site costs increased by 9.00 per cent in the quarter due to the impact of higher diesel costs.
Stuart McDonald, President and CEO of Taseko, stated,
“Copper markets continue to be robust and Taseko’s realized copper price of US$4.59 per pound and sales volumes of 27 million pounds drove strong financial results in the first quarter… Production of 21 million pounds of copper and 236 thousand pounds of molybdenum was on plan, as development of the upper benches of the Gibraltar pit progressed.”
In March, Taseko stated a new 40 per cent larger mineral reserve for Gibraltar, extending the life of the mine from 16 to 23 years. The new reserve has the same average grade as the previous, but with a slightly higher strip ratio in the latter half of the mine life.
Taseko Mines Limited (TKO) is down 4.10 per cent trading at $2.35 per share as of 1:14 p.m. ET.
