In wake of defending against dissident shareholder, Taseko reports wider Q1 loss
TORONTO (miningweekly.com) – After enduring a rollercoaster first quarter in which a dissenting shareholder launched a scathing proxy contest against which base metals miner Taseko Mines had successfully defended itself, the company this week reported a wider adjusted loss than expected.
Excluding special items, Taseko reported a C$15.7-million wider net loss of C$18-million, or C$0.08 a share, missing analyst expectations by a penny.
The net loss for the period ended March 31 improved by C$23.7-million, to a loss of C$1.5-million, or C$0.01 a share, compared with a net loss of C$25.2-million, or C$0.11 a share.
“First-quarter results were impacted by lower copper grades, which were forecast in Gibraltar’s 2016 operating budget. In the current low copper price environment, our focus will remain on operating costs, which in the first quarter were maintained at a very low cost per ton milled of $9.59.
“The average realised copper price for the quarter was $2.10/lb, which is the lowest pricing quarter since the first quarter of 2009. Considering the copper price and grade Gibraltar processed in the first quarter, it is impressive we were able to generate break-even earnings from mining operations,” stated president and CEO Russell Hallbauer.
Output from the company’s flagship 75%-owned Gibraltar mine, in British Columbia, rose by 400 000 lbs to 28.8-million pounds during the quarter. Sales improved by 5.1-million pounds of copper to 30.5-million pounds, which contributed to lift revenues by C$3.1-million to C$58.2-million during the period.
Site operating costs, net of by-product credits, were $1.78/lb produced and total C1 operating costs were $2.11/lb produced.
Gibraltar’s copper output for 2016 was expected to be in the range of 130-million to 140-million pounds.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation