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(Alliance News) - Taseko Mines Ltd said on Wednesday it had seen its "best financial results" as a result of strong copper prices throughout the year, swinging to a net income profit in the fourth quarter.
In the final quarter of 2021, the Vancouver-based copper mining company reported an adjusted net income of CAD13.3 million, around USD10.5 million. In the same quarter the previous year, Taseko reported a loss of CAD7.5 million. Revenue rose 18% to CAD103.0 million from USD87.4 million.
Copper production in the fourth quarter was 28.8 million pounds, up 15% from 25.0 million the previous year. The company explained, however, that this was impacted by lower grades and recoveries from ore mined in the upper benches of the Gibraltar pit.
Gibraltar is 75% owned by Taseko and is a copper-molybdenum mine located in south-central British Columba.
The company continued that increased oxidization and pyrite content in the ore also resulted in lower recoveries, though it expressed it believes this to be a short-term issue with ore quality anticipated to improve as mining progresses deeper into the Gibraltar pit.
Gibraltar is expected to produce 115 million pounds of copper in 2022. Taseko adds that the expected sales of excess copper concentrate inventory carried over from 2021 will bolster earnings in the first quarter of 2022.
President & CEO Stuart McDonald said: "Realized copper sales of 105 million pounds for the year, buoyed by a strong average copper price of over USD4.20 per pound, generated the best financial results in our company's history. This was accomplished despite the lagging copper sales in the fourth quarter as a result of major disruption to transportation infrastructure in southern British Columbia from severe rainstorms in November, which limited our ability to ship copper concentrate and realize sales."
Shares in Taseko were up 0.4% at 143.00 pence on Wednesday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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