26th Feb 2021 15:31
Taseko Mines Ltd - Vancouver, Canada-headquartered mid-tier copper producer - Posts narrowed 2020 loss of CAD23.5 million, or GBP13.3 million, compared to a CAD53.4 million loss the year before. Revenue rises 4.3% to CAD343.3 million from CAD329.2 million and the firm swings to earnings of CAD23.7 million from mining operations from a CAD39.1 million loss in 2019. Florence Copper project, located near Florence, Arizona, is in advanced stage.
President Stuart McDonald: "2021 will be a transformational year for Taseko as we take the final steps to unlock the full value of Florence and pave the way to becoming a multi-asset copper producer. The addition of Florence will increase Taseko's attributable annual copper production by 85% to approximately 185 million pounds. Florence production will also significantly reduce Taseko's consolidated operating costs given its expected C1 operating costs of USD0.90 per pound of copper.
"With increased investor focus on sustainability and environmental footprint, we are very proud of the fact that Florence Copper will also be one of the greenest copper production facilities in the world and will provide high quality copper to the US domestic market in support of its green infrastructure and electrification initiatives in the years to come."
Current stock price: 142.00 pence
Year-to-date change: up 54%
By Anna Farley; [email protected]
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