{"id":412030,"date":"2021-01-11T08:34:08","date_gmt":"2021-01-11T13:34:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412030"},"modified":"2021-01-11T08:34:08","modified_gmt":"2021-01-11T13:34:08","slug":"taseko-announces-2020-financial-operational-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/taseko-announces-2020-financial-operational-update\/","title":{"rendered":"Taseko Announces 2020 Financial & Operational Update"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n VANCOUVER, BC<\/span>, Jan. 11, 2021<\/span> \/PRNewswire\/ –\u00a0Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) is pleased to provide an update on 2020 financial and operational performance.<\/p>\n

\n Stuart McDonald<\/span>, President of Taseko, commented, “Given the volatility and challenges brought about by COVID-19 over the past year and the state of the global economy just nine months ago, we are very pleased with our 2020 financial results and optimistic about the year ahead. \u00a0Adjusted EBITDA* for 2020 is expected to be in the range of $105<\/span>-110 million, up from $51 million<\/span> in 2019. \u00a0Gibraltar produced 123 million pounds of copper for the year and 2.3 million pounds of molybdenum.\u00a0 Looking ahead to 2021, we expect copper production of approximately 125 million pounds from Gibraltar<\/span>.”<\/p>\n

Mr. McDonald continued, “Copper prices have continued to strengthen and many analysts are forecasting higher prices going forward, based on the strong demand environment, expected government stimulus programs and investments in renewable energy infrastructure, combined with ongoing mine supply challenges. \u00a0The current copper price of approximately US$3.65<\/span> per pound is roughly US$0.80<\/span> per pound higher than the average price in 2020, and at current prices we would have generated around $200 million<\/span> of Adjusted EBITDA* in 2020, so we are very optimistic about our financial outlook this year.\u00a0\u00a0\u00a0 <\/p>\n

The improved market conditions are timely as we continue to advance all financing options for the Florence copper project.\u00a0 We ended the year with a cash balance of $85 million<\/span>, up from $53 million<\/span> at the end of 2019.” <\/p>\n

Mined ore grades in October and November impacted production in the fourth quarter, but we finished with a strong December with concentrator throughput above design capacity along with increased copper grades.\u00a0 Additionally, increased oxide ore and ore hardness in the initial Pollyanna Pit benches affected recoveries and throughput in the fourth quarter, both of which have been rectified,” concluded Mr. McDonald.<\/p>\n

\n Russell Hallbauer<\/span>
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\n Chief Executive Officer and Director<\/i>\n <\/p>\n

No regulatory authority has approved or disapproved of the information contained in this news release.<\/p>\n

*Non-GAAP performance measure.\u00a0 See end of news release.<\/p>\n

\n CAUTION REGARDING FORWARD-LOOKING INFORMATION <\/b>\n <\/p>\n

This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions. <\/p>\n

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:<\/p>\n