- Video Gallery
Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Taseko Mines Limited
|This release should be read with the Company's Financial Statements and Management Discussion & Analysis ("MD&A"), available at www.tasekomines.com and filed on www.sedar.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko's 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated.|
VANCOUVER, Oct. 30, 2013 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE: TGB) ("Taseko" or the "Company") reports the results for the three months ended September 30, 2013.
For the three months ended September 30, 2013, Taseko had earnings from mining operations (before depletion and amortization) of $19.5 million and cash flow from operations, before changes in non-cash working capital, of $12.9 million. This compares to earnings from mining operations (before depletion and amortization) of $12.9 million and cash flow from operations, before changes in non-cash working capital, of $7.0 million for the three months ended June 30, 2013. Taseko recorded net earnings of $0.1 million for the three months ended September 30, 2013, which compares to a net loss of $14.7 million in the second quarter of 2013.
Russell Hallbauer, President and CEO of Taseko commented, "Operationally, the third quarter results met our internal expectations and we are pleased to say that the ramp up of our new concentrator #2 is complete. The strong performance of the third quarter has continued, with concentrator throughput averaging approximately 90,000 tons per day for the past six weeks, exceeding design capacity. We expect the fourth quarter will be the first quarter where the full impact of the new concentrator is realized."
"With the copper price stabilizing above $3.00 per pound and with Gibraltar's operating costs trending lower, we will benefit from improved margins which will generate strong cash flows going forward. We will use this cash to invest in our 100% owned assets in a disciplined manner, to unlock the significant intrinsic shareholder value of these projects. Even though we remain optimistic about the long-term price of copper, we will continue to insure minimum revenues through the purchase of copper put options."
Mr. Hallbauer continued, "By the end of this week, we expect the three member panel which has been reviewing our New Prosperity Project to issue its report. While we have no insight into the content of the report, we believe our commitment to invest an additional $300 million in environmental responsibility fully addresses the concerns from the 2010 review and that the project should receive the necessary authorizations to proceed."
Taseko will host a conference call on Thursday, October 31, 2013 at
11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results.
The conference call may be accessed by dialing (877) 303-9079 in Canada
and the United States, or (970) 315-0461 internationally. Accompanying
presentation slides will be available to download at tasekomines.com.
Alternatively, the live webcast can be accessed at tasekomines.com.
The conference call will be archived for later playback until November 15, 2013 and accessed by dialing (855) 859-2056 in Canada and the United States, or (404) 537-3406 internationally and using the passcode 760108833
President and CEO
No regulatory authority has approved or disapproved of the information in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.
©2012 PR Newswire. All Rights Reserved.