Taseko Q1 results disappoint on higher costs
TORONTO (miningweekly.com) – Base metals producer Taseko Mines this week reported disappointing first-quarter results as it slightly narrowed its adjusted loss, and missed analyst expectations.
Vancouver-based Taseko, which has a 75% interest in Canada’s second-largest openpit – the Gibraltar copper mine – including several high-quality development projects located in British Columbia, reported a first-quarter loss of C$2.7-million, or C$0.01 a share, below analyst estimates of earning $0.04 a share.
In the same period ended March 31 of 2013, Taseko reported an adjusted loss of C$2.8-million, or C$0.01 a share.
The company’s net loss totalled C$9.1-million, or C$0.05, compared with C$10.5-million, or C$0.05 a share.
Revenues for the first quarter were C$105-million, up 75% from the same period in 2013, as sales rose 79% year-on-year to 40-million pounds of copper in concentrate.
Taseko lifted copper output by 49% to 34.5-million pounds and molybdenum output by 59% to 566 000 lb, a result of strong performance from the Gibraltar mine, as well as a reduction in higher-than-normal inventory levels.
While mill availability improved, a planned six-day shutdown for scheduled repairs to the primary crusher and conveyor system for concentrator No 1, impacted total throughput, which was seven-million tons for the quarter.
Maintenance on the waste-stripping shovels resulted in reallocating waste-haul trucks to hauling ore. This, coupled with the maintenance costs incurred on the shovels, led to an increased net operating cost in the quarter of $1.98/lb of copper, 16% higher than the $1.70/lb in the fourth quarter.
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