(Alliance News) - Taseko Mines Ltd on Friday reported a full-year earnings fall, amid lower average copper prices, but said its production edged higher.
Revenue in 2019 was 4.3% lower at CAD329.2 million, about GBP192.2 million, from CAD343.9 million in 2018. Its full-year net loss widened to CAD53.4 million from CAD35.8 million.
Copper production edged 0.6% higher to 125.9 million pounds from 125.2 million pounds, the operator of the Gibraltar mine in Canada said.
Sales were 3.2% lower in 2019 at 122.4 million pounds from 126.5 million pounds.
Taseko President Stuart McDonald said: "Earnings and cashflow were lower in 2019, mainly due to a lower average copper price. Even though the price of copper has been impacted recently by global events, we still believe the supply/demand fundamentals remain intact with the opportunity for a significant positive copper price movement."
Chief Executive Russell Hallbauer added: "Operationally, we are happy with the performance at Gibraltar in 2019. Grade variability was low and copper production of 126 million pounds met our annual production guidance."
For 2020, the company is holding its guidance for Gibraltar mine at 130 million pounds of copper, which would represent a 3.3% rise.
Shares in the company were untraded at 40.00 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Taseko Mines L. (TKO)