Taseko Reports Third Fiscal Quarter Results
August 15, 2005 09:30:05 (ET)
VANCOUVER, British Columbia, Aug 15, 2005 (BUSINESS WIRE) -- Taseko Mines Limited (TGB, Trade) announces financial results for the three months ending June 30, 2005 - the Company's third fiscal quarter of 2005 - and its Gibraltar copper-molybdenum mine in south-central British Columbia. The Gibraltar mine is operated under a joint venture arrangement between Taseko's wholly owned subsidiary, Gibraltar Mines Ltd., and Ledcor CMI Ltd.
THIRD QUARTER 2005 HIGHLIGHTS
- Gibraltar recorded revenues of $32.3 million from sales of copper concentrate, and by-product credits of $7.9 million from sales of molybdenum.
- The average prices for sales realized in the quarter were US$1.51 for copper and US$34 for molybdenum.
- Copper concentrate production during the quarter was 27,500 wet metric tonnes ("WMT"), or 15.5 million pounds of copper.
- During the quarter, 32,100 WMT of copper concentrate was sold totalling 17.25 million pounds of copper.
- Molybdenum in concentrate production during the quarter was 178,000 pounds.
- During the quarter, 223,000 pounds of molybdenum in concentrate was sold.
Results of Operations
The Company's net earnings for the third quarter of fiscal 2005 were $10.1 million, compared to a loss of $1.96 million in the previous quarter and the $6.4 million loss in the third quarter of fiscal 2004. The improvement is related to a restart of active mining operations at the Gibraltar mine during the current fiscal year, and increased sales of both copper and molybdenum concentrate during the quarter.
Gibraltar Mine Performance
Mining operations achieved a daily mining rate of 114,000 tons per day in the quarter. The following table is a summary of the operating statistics for the third quarter compared to forecast.
