Taseko Mines Ltd. (TSX:TKO,NYSEMKT:TGB) released its financial results for 2015, commenting that it incurred a net loss of $23,441,000, or $0.10 per basic share. That’s compared to a net loss of $26,427,000, or $0.13 per basic share, in 2014.
Other highlights are as follows:
- Earnings from mining operations before depletion and amortization* were $50.8 million, a decrease from $52.3 million in 2014;
- The Company generated cash flows from operations of $51.7 million, up from $50.6 million in 2014;
- The Company’s cash balance at the end of 2015 was $76.0 million, $22.7 million higher than at the end of 2014.
- Site operating costs* were US$1.65 per pound produced, a 29% decrease from US$2.32 per pound in 2014;
- Total operating costs (C1)* were US$1.96 per pound produced, a 22% decrease from the US$2.50 over the 2014 financial year due to reduced expenditures and increased copper production, despite a significant reduction in by-product credits due to the idling of the molybdenum plant in July;
- Site operating costs per ton milled* was CAD$9.83, a 14% decrease over the 2014 financial year due to reduced expenditures and higher mill throughput
Russell Hallbauer, president and CEO of Taseko, commented:
Financially and operationally, Taseko performed extremely well in 2015, despite a challenging business environment. The price of copper continued its decline in 2015 with prices averaging 20% lower than in 2014. Even with significantly lower copper pricing, cash flows from operations increased to $52 million and earnings from mining operations before depletion and amortization were $51 million. We ended the year with a strong cash position of $76 million, up $23 million from the end of 2014. Subsequent to year end, we also completed a US$70 million credit facility to further strengthen our balance sheet. The initial proceeds were used to repay a US$31 million loan which had a May 2016 maturity and the balance of the facility will be available to us moving forward.