Taseko Reports First Quarter 2014 Results
Date : 05/07/2014 @ 4:52PM
Source : PR Newswire (Canada)
Stock : Taseko Mines, Ltd. (TGB
Quote : 2.17 0.01 (0.46%) @ 1:00PM ...First quarter total production was 34.5 million pounds of copper and 566 thousand pounds of molybdenum ...
VANCOUVER, May 7, 2014 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") reports the results for the three months ended March 31, 2014. First Quarter Highlights *
First quarter 2014 earnings from mining operations (before depletion and amortization)* were $19.4 million and cash flows from operations were $23.3 million. *
Revenues for the first quarter 2014 were $105.0 million, up 75% from the same period in 2013. *
First quarter total production was 34.5 million pounds of copper and 566 thousand pounds of molybdenum,
a 49% and 59% increase, respectively, since the first quarter 2013. *
Total sales for the quarter reached a record 40 million pounds of contained copper in concentrate, 79% higher than first quarter 2013.
Russell Hallbauer, President and CEO of Taseko, commented, "Gibraltar performed to expectations in the first quarter of 2014, with improvements made to mill availability as well as copper and molybdenum recoveries. Even with a planned, six-day maintenance shutdown, mill availability increased over the fourth quarter 2013. Copper and molybdenum recoveries improved, averaging 85% and 43% for the first quarter, up from 82% and 35%, respectively, in the previous quarter."
Mr. Hallbauer continued, "Increased operating costs for the quarter were a direct result of below target availability on two of our large shovels. Due to the lack of shovel availability in the quarter, site management adjusted the short-range mine plan to utilize our hauling capacity for a longer distance ore haul and building ore stockpiles. This resulted in a lower strip ratio for the quarter, even though tons mined were 20% higher than the fourth quarter 2013. With shovel availability back up to normal levels, mining operations have resumed planned stripping rates.
"We continue to make progress on our Aley Project. Up until early 2014, metallurgical test work performed over the previous 18 months achieved niobium recoveries of 35%. At this recovery rate, Aley had positive economics, even though recoveries were below the 50% being achieved at other operating niobium mines. In January, a critical modification to the flowsheet indicated a process that could achieve the targeted 50% recovery rate. Since then, the project team has made significant advancements and now we have four out of the five key metallurgical stages successfully tested, resulting in a 50% recovery
. Our technical team is now working on the final configuration and overall circuit parameters for the process. Based on the progress that has been made year-to-date, we expect to have the flow sheet finalized in the next two to three months." Continued