Taseko Mines Limited (TGB) is up 4.12% in the aftermarket to trade at the price of $1.77 after releasing an upbeat quarterly report. The incredible financial performance in the quarter was due to a 20% increase in copper production at Gibraltar and a strong copper price which averaged 4.40 US dollars per pound.
Second Quarter Financial Results 2021:
On 4th August 2021, Taseko announced financial results for the second quarter ended June 30, 2021. The adjusted EBITDA for the duration was $47.7 million and earnings from mining operations were $54.5 million. Both were 101% and 80% higher than the previous quarter respectively. For the second quarter of 2021, the net income was $13.4 million, or $0.05 per share, and the adjusted net income was $9.9 million, or $0.04 per share.
Selling Harmony Gold Project:
The TGB, on 12th July 2021, announced the agreement to sell the Harmony Gold Project to JDS Gold, Inc. The terms of the treaty stated that JDS will become the owner and operator of the Harmony Gold Project, a high-grade gold project located on Graham Island. However, Taseko will retain a 15% carried interest in JDS and a 2% net smelter return royalty on the Project. It also has the right to terminate the agreement and revert to 100% ownership of Harmony.
Improved Production at Gibraltar Mine and Florence Project:
TGB, on 8th July 2021, published that the Gibraltar Mine generated 27 million pounds of copper and 400,000 pounds of molybdenum in the second quarter of 2021. In the first quarter, tunneling operations transitioned into higher-grade benches in the Pollyanna Pit, which resulted in a 20% increase in copper production.
Alterations in Executive Team:
Earlier, on 18th June 2021, Taseko declared the voting results from its 2021 Annual General Meeting. The company disclosed the retirement of Russell Hallbauer, Chief Executive Officer, and John McManus, Chief Operating Officer. In addition, reported that Russ will continue as Director of the Company, and current President Stuart McDonald will assume the role of Chief Executive Officer.
First Quarter 2021 Financial & Operating Results:
The company, on 6th May 2021, announced earnings from mining operations before depletion and amortization. The earnings were $30.3 million and the Adjusted EBITDA was $23.7 million. It represented gains of 412% and 344% respectively, over the first quarter of 2020. The firm had an adjusted net loss of $5.5 million, or $0.02 per share, for the first quarter of 2021.
2020 Sustainability Performance:
Stuart McDonald, on 22nd April 2021, announced the 2020 sustainability performance. President asserted that 2020 was a tough year mainly due to lower copper prices earlier in the year and a worldwide virus pandemic. Yet people, communities, and companies mustered together and adjusted.