{"id":523575,"date":"2021-08-04T16:34:28","date_gmt":"2021-08-04T20:34:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/taseko-reports-48-million-of-adjusted-ebitda-for-the-second-quarter-2021\/"},"modified":"2021-08-04T16:34:28","modified_gmt":"2021-08-04T20:34:28","slug":"taseko-reports-48-million-of-adjusted-ebitda-for-the-second-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/taseko-reports-48-million-of-adjusted-ebitda-for-the-second-quarter-2021\/","title":{"rendered":"Taseko Reports $48 Million of Adjusted EBITDA* for the Second Quarter 2021"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n This release should be read with the Company’s Financial Statements and Management Discussion & Analysis (“MD&A”), available at www.tasekomines.com<\/b><\/a>\u00a0and filed on www.sedar.com<\/b><\/a>. Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko’s 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated. <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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\n VANCOUVER, BC<\/span>, Aug. 4, 2021<\/span> \/PRNewswire\/ – Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) reports financial results for the three months ended June 30, 2021<\/span>. \u00a0Adjusted EBITDA* for the period was $47.7 million<\/span> and Earnings from mining operations before depletion and amortization was $54.5 million<\/span>, increases of 101% and 80%, respectively, over the first quarter of 2021. \u00a0Net income for the second quarter 2021 was $13.4 million<\/span>, or $0.05<\/span> per share, and Adjusted net income was $9.9 million<\/span>, or $0.04<\/span> per share. <\/p>\n

\n Stuart McDonald<\/span>, President and CEO of Taseko, commented, “Our improved financial performance in the quarter was a result of the 20% increase in copper production at Gibraltar<\/span>, and bolstered by strong copper prices which averaged US$4.40<\/span> per pound for the period.\u00a0 Head grades at Gibraltar<\/span> increased in the latter part of the second quarter as we transitioned into higher-grade benches, although average head grade for the quarter was still below the life of mine average.\u00a0 With improving grades, we expect total copper production in the second half of the year to be at least 40% higher than the first half, which will lead to lower unit costs and improved margins and cash flow generation.”<\/p>\n

“At our Florence Copper project, permitting, engineering and procurement activities are progressing. As reported in early July, we expect the draft Underground Injection Control permit will be issued by the US EPA later in the third quarter. Detailed engineering is now 60% complete and at a point where we can begin securing and making initial payments on key, long lead items for the solvent extraction and electrowinning (“SX\/EW”) plant,” continued Mr. McDonald. “Our balance sheet remains in a strong position with $226 million<\/span> of cash on hand at June 30<\/span>th<\/sup>, and a price protection strategy in place that assures strong cash flow generation over the next year.\u00a0 Advancing procurement initiatives will position us to efficiently progress into construction upon receipt of the final permit. Florence Copper will be America’s new, innovative and low impact copper producer supplying the US domestic market with green copper.”<\/p>\n

Mr. McDonald added, “We recently announced the sale of our Harmony Gold<\/span> project to JDS Gold Inc., who are a proven team of mine developers and builders. Harmony is an advanced stage gold project, and by retaining a 15% carried interest in JDS Gold Inc. and a 2% NSR on the project, we have the opportunity to realize significant value from this asset over the next few years.\u00a0 We will continue to look for other opportunities to create shareholder value from our extensive portfolio of long-life assets.” <\/p>\n

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\n *Non-GAAP performance measure. See end of news release<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Second Quarter Review<\/b>\n <\/p>\n