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Taseko Mines Ltd - Vancouver, Canada-headquartered mid-tier copper producer - Extends copper price "protection strategy" by purchasing put options covering 41 million pounds of copper at a strike price of USD3.75 per pound for the second half of 2021.
"The price protection now in place for the next nine months should secure a minimum operating margin of approximately CAD165 million, about USD131 million, for 2021," company explains.
President Stuart McDonald adds: "With the uncertainty in the world today around the impacts of Covid-19, and ongoing volatility in metal markets caused by a number of global economic and political issues, we felt that it was prudent to extend our price protection strategy.
"Protecting a significant operating margin in 2021 allows the company to focus on and advance near-term capital growth plans related to our Florence copper project, and also fund ongoing environmental assessment work at our Yellowhead project. This approach to managing copper price volatility does not cap our cash flow should copper prices continue to rise, as many of the world's largest banks and trading entities are indicating could occur."
Current stock price: 125.00 pence
Year-to-date change: up 38%
By Paul McGowan; paulmcgowan@alliancenews.com
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