6th Aug 2020 19:11
Taseko Mines Ltd - North America-focused copper producer with headquarters in Vancouver, Canada - Revenue for three months to June 30 up to CAD106.0 million - around USD80 million - from CAD86.5 million year ago. Swings to net income of CAD18.7 million from loss of CAD11.0 million a year ago. Gibraltar Mine produces 36.8 million pounds of copper in the second quarter, a 14% increase over the first quarter. "The copper price recovery from the lows in mid-March is remarkable and demonstrates how strong the fundamentals for copper really are. With current pricing at USD2.95 per pound, copper is 20% higher than the second quarter average price. This price increase flows straight to Taseko's bottom line and directly increases cash flow from Gibraltar. While we remain very bullish on the prospects for copper, it is still early days in the recovery and we have no intentions to adjust this current mine plan," says Chief Executive Russell Hallbauer.
Current stock price: 60.00p
Year-to-date change: up 85%
By Lucy Heming;Â [email protected]
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