Taseko Mines (AMEX:TGB) reported copper production at its Gibraltar mine in British Columbia fell 17 percent, as a hard winter resulted in operations being shut down for four days because of unscheduled maintenance.
Production at Gibraltar, which Taseko has a 75 percent stake in, fell from 23.2 million pounds of copper last year in the first quarter to 19.2 million pounds of copper this year in the same quarter.
For molybdenum the results were different, as the company was able to extract 316,000 pounds from the mine, an increase of 63 percent.
Taseko said in a statement, "This is a strong indication that the new molybdenum plant ... will add appreciably to total molybdenum metal production."
Taseko was trading in New York at $5.45, falling $0.03, or 0.55 percent, as of 2:14 PM EDT.
Showing posts with label Taseko Mines. Show all posts
Showing posts with label Taseko Mines. Show all posts
Tuesday, April 19, 2011
Monday, March 21, 2011
Taseko (TGB) Increasing Production at Gibraltar
Saying increased production has helped the company perform strongly, Taseko Mines (AMEX:TGB) said it is going to boost production at its flagship Gibraltar Mine to 180,000 pounds of copper and one million pounds of molybdenum annually.
In 2010, the miner said copper production rose by 30 percent and molybdenum production by 50 percent.
Russell Hallbauer, Taseko CEO, said, "As announced in February, we are moving forward with a further capacity increase at Gibraltar. This $325 million investment will allow us to leverage the strong copper price environment and further enhance Taseko's cash flow generating ability."
"Strong financial performance in 2010 was driven by improved copper production and the rising copper price environment. ...These improvements are the result of ongoing investments in mine and concentrate equipment," he added.
Taseko produced 92.3 million pounds of copper in 2010 and 941,000 pounds of molybdenum.
Taseko closed Friday at $5.94, up $0.11, or 1.89 percent.
In 2010, the miner said copper production rose by 30 percent and molybdenum production by 50 percent.
Russell Hallbauer, Taseko CEO, said, "As announced in February, we are moving forward with a further capacity increase at Gibraltar. This $325 million investment will allow us to leverage the strong copper price environment and further enhance Taseko's cash flow generating ability."
"Strong financial performance in 2010 was driven by improved copper production and the rising copper price environment. ...These improvements are the result of ongoing investments in mine and concentrate equipment," he added.
Taseko produced 92.3 million pounds of copper in 2010 and 941,000 pounds of molybdenum.
Taseko closed Friday at $5.94, up $0.11, or 1.89 percent.
Tuesday, January 11, 2011
Taseko Mines (AMEX:TGB) Shares Soar on Drilling Results
Taseko Mines Ltd. (AMEX:TGB) soared on the news drilling at their Aley Niobium Project was "highly successful."
Taseko said in a press release,"its 2010 core drilling program completed at its wholly-owned Aley Niobium Project located near Mackenzie, British Columbia has been highly successful. Assay results indicate strong potential for development of a major niobium deposit and mine operation."
Shares of Taseko were trading at $5.82, gaining $0.75, or 14.79 percent, as of 12:26 PM EST.
Taseko said in a press release,"its 2010 core drilling program completed at its wholly-owned Aley Niobium Project located near Mackenzie, British Columbia has been highly successful. Assay results indicate strong potential for development of a major niobium deposit and mine operation."
Shares of Taseko were trading at $5.82, gaining $0.75, or 14.79 percent, as of 12:26 PM EST.
Friday, November 12, 2010
Taseko Mines (NYSE:TGB) Now a Value Story says TD Newcrest
Taseko Mines (NYSE:TGB) has taken a big hit since the announcement concerning the decision to not allow them to work their Prosperity property.
Even so, TD Newcrest actually upgraded Taseko from "Reduce" to "Hold."
"We are maintaining our target price and increasing our rating to HOLD from Reduce following share price weakness on the negative Prosperity permitting decision. The potential return to our target is 6.6%. We believe Taseko shares are fairly valued at these levels and that Taseko has become a value story rather than a growth story," said TD.
The copper and molybdenum miner announced it earned $1.4 million or a penny a share in its latest quarter, up from a loss of $2.4 million or one cent a share in the same quarter last year. On the negative side, revenue dropped to $37.5 million from $40.4 million.
Taseko does have some room to move, as it has about $200 million in cash, and is growing it on a quarterly basis from their Gibraltar mine.
Taseko closed Thursday at $4.66, gaining $0.01, or 0.22 percent. TD Newcrest has a price target of C$5.00 on them.
Even so, TD Newcrest actually upgraded Taseko from "Reduce" to "Hold."
"We are maintaining our target price and increasing our rating to HOLD from Reduce following share price weakness on the negative Prosperity permitting decision. The potential return to our target is 6.6%. We believe Taseko shares are fairly valued at these levels and that Taseko has become a value story rather than a growth story," said TD.
The copper and molybdenum miner announced it earned $1.4 million or a penny a share in its latest quarter, up from a loss of $2.4 million or one cent a share in the same quarter last year. On the negative side, revenue dropped to $37.5 million from $40.4 million.
Taseko does have some room to move, as it has about $200 million in cash, and is growing it on a quarterly basis from their Gibraltar mine.
Taseko closed Thursday at $4.66, gaining $0.01, or 0.22 percent. TD Newcrest has a price target of C$5.00 on them.
Thursday, November 4, 2010
Taseko Mines (Amex:TGB) Battered on Prosperity Copper, Gold Mine Decision
Taseko Mines (Amex:TGB) was dealt a devastating blow no matter how it is spun, as the Office of the Minister of the Environment rejected the Prosperity Copper and Gold Mine, leaving Taseko and its shareholders with nothing for the effort.
Cannacord Genuity and TD Newcrest didn't take long to downgrade the mining company. Cannacord downgraded them from "Buy" to "Hold," while TD Newcrest lowered their rating from "Hold" to "Reduce."
"Yesterday (Tuesday), after the market close, the Office of the Minister of the Environment reported that the Federal Cabinet rejected Taseko Mines’ Prosperity copper-gold project, as proposed. According to a statement made by the Environment Minister Jim Prentice, the project was rejected due to the adverse effects it would have on the environment...We have removed the Prosperity project from our valuation estimates. As a result our 10%NAVPS estimates dropped $3.38/share to $4.25 from $7.63 previously, and our target price has been lowered to C$5.00 from $6.75."
Taseko closed Tuesday at $4.91, dropping $1.57, or 24.23 percent.
Cannacord Genuity and TD Newcrest didn't take long to downgrade the mining company. Cannacord downgraded them from "Buy" to "Hold," while TD Newcrest lowered their rating from "Hold" to "Reduce."
"Yesterday (Tuesday), after the market close, the Office of the Minister of the Environment reported that the Federal Cabinet rejected Taseko Mines’ Prosperity copper-gold project, as proposed. According to a statement made by the Environment Minister Jim Prentice, the project was rejected due to the adverse effects it would have on the environment...We have removed the Prosperity project from our valuation estimates. As a result our 10%NAVPS estimates dropped $3.38/share to $4.25 from $7.63 previously, and our target price has been lowered to C$5.00 from $6.75."
Taseko closed Tuesday at $4.91, dropping $1.57, or 24.23 percent.
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