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Taseko Mines Up 3% After Quarterly Result, Report of Upgrade

Taseko Mines Limited (TKO.TO) is up more than 3% and has touched a day high $6 after announcing yesterday it had an operating profit of $57.5 million and net earnings of $25.3 million ($0.14 per share) for the three months ending December 31, 2010.

Total sales for the fourth quarter were 33.6 million pounds of copper and 0.3 million pounds of molybdenum at average realized prices of US$4.12 per pound and US$16.24 per pound, respectively.

A report in the Financial Post said an upgrade by TD Newcrest this morning was expected to trigger a test of resistance at $6.31 Canadian, although the report didn't give any specific details on the upgrade. Rising copper and gold prices also will help the stock, the report added.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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