(Alliance News) - Taseko Mines Ltd on Friday reported higher revenue, adjusted profit and an increase in sales from Gibraltar.
The North America-focused mining company said adjusted earnings before interest, tax, depreciation and amortisation jumped 74% to CAD190.1 million in 2023, around USD141.2 million, from CAD109.0 million in 2022.
Adjusted net profit multiplied to CAD44.4 million from CAD1.7 million.
Revenue climbed 34% to CAD525.0 million from CAD391.6 million.
Regarding its operations in Gibraltar, it said it produced 122.6 million pounds of copper in 2023, up 26% from 97.0 million a year prior. Sales of copper rose 19% to 120.7 million pounds from 101.3 million pounds.
"The Gibraltar pit will continue to be the main source of mill feed for the first half of 2024 before mining of ore transitions into the connector pit in the second half of the year. Stripping activity will continue to be focused in the connector pit, and further oxide ore from this pit is expected to be added to the leach pads in 2024. Restart of the solvent extraction/electrowinning facility at the Gibraltar mine is expected in 2026," Taseko said.
Looking ahead, Chief Executive Officer Stuart McDonald said: "We're now moving forward with construction of the commercial production facility at Florence [copper project in Arizona]. Initial activities have focused on site preparations, earthworks and civil work for the wellfield as well as hiring additional site personnel for the construction and operations teams. Wellfield drilling commenced in February and construction of the solvent extraction/electrowinning plant and other surface infrastructure will begin in the second quarter. First copper production expected in fourth quarter 2025."
The Florence copper project has a net present value of USD930 million and a 22-year mine life, Taseko said. It has a total life of mine production of 1.5 billion pounds of copper with an estimated long-term copper price of USD3.75 per pound.
Taseko shares rose 4.2% to 125.00 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Taseko Mines L. (TKO)