Taseko Mines ( (TGB) ) has released its Q3 earnings. Here is a breakdown of the information Taseko Mines presented to its investors.
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Taseko Mines Limited is a mining company primarily focused on copper production, with significant operations at the Gibraltar Mine in British Columbia and development projects in North America.
In its third quarter of 2024, Taseko Mines reported an adjusted EBITDA of $48 million and earnings from mining operations before depletion and other items of $55 million. The company generated revenues of $156 million, mainly from copper and molybdenum sales. However, the quarter concluded with a slight net loss of $0.2 million, attributed to unscheduled mill downtimes and maintenance work at the Gibraltar Mine.
Key performance metrics highlighted include the production of 27 million pounds of copper and 421 thousand pounds of molybdenum in the quarter. The company’s operational cost per pound of copper was US$2.92. Taseko completed the acquisition of the remaining interest in the Gibraltar Mine, now fully owned by the company. The company is also advancing its Florence Copper project, aiming to become a low GHG-intensity copper producer, with construction progressing on schedule.
Looking forward, Taseko anticipates increased copper production in 2025, with expectations of 120 to 130 million pounds, as milling throughput is anticipated to rise. The company remains optimistic about its Florence project, with potential tax credits from the U.S. Department of Energy possibly enhancing its financial position.
