Q2 2024 Taseko Mines Ltd Earnings Call Transcript
Key Points
- Taseko Mines Ltd (TGB) consolidated 100% ownership of the Gibraltar mine, enhancing its operational control and financial benefits.
- The company successfully completed the in-pit crusher relocation project, a significant $50 million undertaking, without any issues.
- Taseko Mines Ltd (TGB) reported strong financial performance with $71 million of adjusted EBITDA and $77 million of earnings from mining operations.
- The Florence project is advancing on schedule with construction activities ramping up and over 200 contractors on site.
- The company has secured new copper offtake agreements with extremely low treatment and refining charges, expected to reduce C1 costs significantly.
- Copper production was impacted by a planned downtime and an 18-day strike at the Gibraltar mine, resulting in a 25% reduction in total tonnes milled.
- Copper recoveries were slightly below plan due to inconsistent mill operating time and processing partially oxidized ore.
- The company's C1 operating costs increased to USD2.99 per pound in Q2 due to operational disruptions.
- Taseko Mines Ltd (TGB) posted a GAAP net loss of $11 million, influenced by several one-off accounting events.
- Total copper production for the year is expected to be slightly below original guidance, with a forecast of 110 million to 115 million pounds.
Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to Taseko second-quarter earnings conference call. (Operator Instructions) Mr. Brian Bergot, you may begin your conference.
Thank you, Ina. Welcome, everyone, and thank you for joining Taseko's second-quarter 2024 conference call. The news release and regulatory filing announcing our financial and operational results was issued yesterday after market close and is available on our website at tasekomines.com, and on SEDAR. I am joined today in Vancouver by Taseko's President and CEO, Stuart McDonald; Taseko's Chief Financial Officer, Bryce Hamming; and our COO, Richard Tremblay.
As usual, before we get into opening remarks by management, I would like to remind our listeners that our comments and answers to your questions will contain forward-looking information. This information, by its nature, is subject to risks and uncertainties that may cause the stated outcome
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
