Taseko Mines Ltd - Vancouver-based mining company mainly focused in North America - In the quarter ended June 30, revenue falls to CAD82.9 million, GBP53.3 million, from CAD111.0 million a year before. Swings to net loss of CAD5.3 million from profit of CAD13.4 million. Total tonnes mined dips 2.6% to 22.3 million from 24.9 million, as total production falls 6.1% to 20.7 million pounds of copper from 26.8 million pounds. Notes average head grades of 0.17% were lower than expected, as the complexity of the ore zones mined in the upper benches at Gibraltar pit caused higher than normal mining dilution. Expects grades and copper production to improve "significantly" over the remainder of the year. Expects to hit lower range of annual production guidance of 115 million pounds plus or minus 5%, owing to challenging conditions in the first half.
"Over the first half of 2022, mining operations were sequencing through the lower grade upper benches of the Gibraltar pit. These smaller, complex ore zones are challenging sections for our mining equipment, resulting in higher dilution and lower than expected copper grade," explains Chief Executive Officer Stuart McDonald.
Current stock price: 83.50 pence, down 7.2% on Tuesday in London
12-month change: down 38%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Taseko Mines L. (TKO)