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Taseko Reports 2012 Year End Results
2/22/2013 8:02:00 AM
By: MT Newswires
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."