Taseko Mines (TKO.TO) said for the 12 months ended December 31,
2012, it had a net loss of $15.7 million and adjusted net earnings
of $1.9 million. This compares to net earnings of $27.0 million and
adjusted net earnings of $17.8 million for the 12 months ended
December 31, 2011.
Russell Hallbauer, President and CEO of Taseko, commented, "2012
was a year of major transformation for Taseko. While mining
companies around the world announced asset write-downs, capital
expenditure overruns and operating cost inflation, we advanced our
business plan of investing in our mining operations and development
assets within defined economic constraints.
"While our earnings were affected by our investments on Aley and
New Prosperity, we now find ourselves in a position to move these
projects forward in 2013. In combination with the completion of our
new GDP3 concentrator and continued strength in copper prices, as a
result of the ongoing copper market deficit, we expect to generate
significant free cash flow over the near term as we position Taseko
for future growth."
Hallbauer continued: "GDP3 is the consummation of six years of
modernization and production increases which was only temporarily
interrupted by the global financial crisis. Gibraltar is now
positioned to be a significant cash flow generator thereby
supporting the next phase of our growth strategy.
"Gibraltar, when it achieves its full operating potential, will
be one of the largest open pit copper mines in North America and
notably, one of the largest reserve bases.
"During the fourth quarter, tie-ins associated with the GDP3
concentrator were completed and we are systematically progressing
through commissioning. Ore has been fed to the concentrator and a
short ramp up to commercial production is expected."
Hallbauer concluded: "Our New Prosperity project team has nearly
completed the information requests from the Federal Environmental
Review Panel and we anticipate public hearings to begin early in
the second quarter.
"We are advancing metallurgical testing on Aley ore samples and
have now produced a niobium concentrate. We expect to finalize the
process flowsheet in the near future which will allow us to
complete the feasibility study on the project."
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