Taseko posts FY loss, expects higher copper pricing in 2019
Canadian miner Taseko is expecting increased copper prices in 2019 and a rebound in gross revenues and margins, after the fluctuations of the copper price last year resulted in a “challenging” operating environment.
The company reported weaker production at its Gibraltar mine, in British Columbia, with copper output falling from 141.2-million pounds in 2017, to 125.2-million pounds in 2018, and molybdenum production decreasing from 2.64-million pounds to 2.37-million pounds.
For 2019, Gibraltar would produce about 130-million pounds and CEO Russell Hallbauer said in a statement on Tuesday that the company did not expect production fluctuations this year to be as significant as last year.
“Even though we expect higher copper pricing in 2019, we have made a number of mine plan adjustments and spending curtailments to address the weaker pricing environment,” he added.
The company reported a 9% decrease in revenue to C$343.87-milion in 2018, and incurred a net loss of C$35.8-million, or 16c a share, reflecting an unrealised foreign exchange loss of C$28.7-million. On an adjusted basis, the net loss was C$8.5-million, or 4c a share.
Meanwhile, Hallbauer said that its Yellowhead Mining transaction should close in the coming days, following shareholder approval earlier this week.
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