Taseko Reports First Quarter 2018 Financial Results

Taseko Mines (TSX:TKO) has released their Q1 results for 2018, detailing a decline in copper and molybdenum production at the companies Gibraltar mine in British Columbia as foreseen in the end of 2017 report, and an update on progress at the Florence copper project in Arizona.

According to the company waste stripping shortfalls from 2017 continued to impact 2018, where the company lost two months of waste stripping.

As quoted in the press release:

President and chief executive officer of Taseko, Russell Hallbauer said “with our stripping schedule compromised, our new pushback was delayed and only lower grade ore was available to process.

“The lower grades and resultant reduced copper and molybdenum production had a significant impact on our financial performance in the first quarter. But even with the low grades, we still managed to generate CA$12 million of cash flow from operations and CA$14 million of earnings from mining operations before depreciation and amortization in the quarter. Our adjusted net loss of CA$11 million (or CA$0.05 per share) was negatively impacted by increased use of stockpiled ore as well as provisional pricing adjustments.”

“I am very pleased to report that our Florence copper project continues to advance on-time and on budget. We will begin testing the injection and recovery well systems in the coming weeks and the SX/EW plant construction is well underway and expected to be operational in the next six months.”

Click here to view the full Taseko Mines Limited (TSX:TKO) press release.