Taseko Mines Ltd T.TKO

Taseko Mines files form 6-K

[kukaman]

2020 Annual Review

• Earnings from mining operations before depletion and amortization* was $119.0 million and Adjusted EBITDA* was $108.2 million;

• Cash flows from operations was $106.2 million, compared to $42.6 million in the prior year;

• In response to the COVID-19 pandemic management implemented a number of cost saving initiatives in 2020, including a revised mine plan for Gibraltar, which reduced total site operating costs by $28.2 million compared to 2019.  Site operating costs, net of by-product credits* was US$1.62 per pound produced, and total operating costs (C1)* was US$1.92 per pound produced;

• The Gibraltar mine operated continuously through the year and produced 123.0 million pounds of copper and 2.3 million pounds of molybdenum (100% basis). Copper recoveries were 84.3% and copper head grades for the year were 0.243%;

• Gibraltar extended its long-term copper concentrate offtake contract, for roughly 50% of its production, for an additional year, which is expected to result in a 30% reduction in treatment and refining costs in 2021, reflecting the continued tight physical copper concentrate market conditions and the strategic demand for Gibraltar's high-quality concentrates;

• On November 17, 2020, Taseko closed an offering of common shares for net proceeds of $34.3 million;

• On February 10, 2021, Taseko closed an offering of US$400 million 7% Senior Secured Notes due 2026. A portion of the proceeds will be used to redeem all of the outstanding US$250 million 8.75% 2022 Senior Secured Notes on March 3, 2021, including accrued interest and transaction costs;

• The Company's cash balance at December 31, 2020 was $85.1 million, and the bond refinancing transaction in February 2021 provided additional net cash proceeds of $167 million (or US$131 million);

• Copper prices have recovered strongly and the current price of US$4.22 per pound is significantly higher than the average LME price of $2.80 per pound in 2020; and

• The Arizona Department of Environmental Quality ("ADEQ") issued the Aquifer Protection Permit ("APP") for the Florence Copper Project on December 8, 2020.  The Company is now moving forward with final design engineering of the Florence commercial production facility and procurement of certain critical components.   

Fourth Quarter Review

• Fourth quarter earnings from mining operations before depletion and amortization* was $27.1 million, and Adjusted EBITDA* was $20.5 million;

• Cash flow from operations was $20.4 million;

• The Gibraltar mine produced 25.0 million pounds of copper in the fourth quarter. Copper recoveries were 83.3% and copper head grades were 0.201%;

• Gibraltar sold 25.0 million pounds of copper in the quarter (100% basis) which resulted in $85.9 million of revenue for Taseko.  Average LME copper prices were US$3.25 per pound in the quarter and revenue also included positive provisional price adjustments of $8.4 million; and

• Net income (GAAP) for the fourth quarter was $5.7 million ($0.02 per share).  Adjusted net loss* was $7.5 million ($0.03 loss per share).

*Non-GAAP performance measure. See page 29 of this MD&A.

https://www.sec.gov/Archives/edgar/data/878518/000106299321001954/exhibit99-2.htm

[JCSunsfan]

Exactly as expected.  Not a negative surprise at all.  Now for the CC tomorrow. 

[EStreet]

Cool, I think they can put lipstick on this at $4.32 copper,,. Sh_t, these guys just abought had me worried,,!!

[nofluff]

key points. Site cisrs dropped. Cap strip big drop. Throughput to increase. Grade to increase. 15 million dollars copper on the bank. Huge ore to stockpile. Two more months cash to the bank at this point. Florence appears to be a go. Should open 3.00 cad in the morn. nf

[2024golden]

...and Yellowhead is being expedited for approvals, early discussions on JV!!

[JCSunsfan]

Honestly, on the better end of expectations.  Analysts had them at -.05 to -.02.  They hit -.02.  They managed to dig more than I expected (26 million tons), just had lower quality ore for a higher cost per pound.  Guidance in the report says that it will be much better for 2021.  They are making money, not losing it.  Lots depreciation to take on all those equipment

[nofluff]

My hilites almost forgot 4.30 copper. nf

[nofluff]

Copper headed up at open. nf

[JCSunsfan]

I am expecting a huge day tomorrow.  Could be 20%..  I don't usually make predictions like this, but the uncertainty is now gone and the sp has been supressed because of uncertainty. People are looking for value in this market, and this is it. 

[JCSunsfan]

Seeking Alpha read the annual numbers as quarterly numbers and says they missied my .07 per share.  In whose world?  Good grief. Idiots. 

[nofluff]

So at 4.50 cents factories r going to quit competing for copper right?? nf

[JoeStockIQ]

Negative Cdn 11, misses by 7 Negatuvr Cdn 9, misses by 6 Yeah, that's ugly. Probably exactly what Cuey was expecting.