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SOURCE Taseko Mines Limited
This release should be read with the Company's Financial Statements and
Management Discussion & Analysis ("MD&A"), available at www.tasekomines.com and filed on www.sedar.com. Except where otherwise noted, all currency amounts are stated in
Canadian dollars. Taseko's 75% owned Gibraltar Mine is located north of
the City of Williams Lake in south-central British Columbia. Production
volumes stated in this release are on a 100% basis unless otherwise
VANCOUVER, Feb. 21, 2013 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") reports the results for the year ended December 31, 2012.
For the 12 months ended December 31, 2012, Taseko had gross profit of $51.7 million, a net loss of $15.7 million and adjusted net earnings of $1.9 million. This compares to gross profit of $86.3 million, 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."
Mr. 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."
Mr. 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."
|Taseko will host a conference call on Friday, February 22, 2013 at 10:30 a.m. Eastern Time (7:30 a.m. Pacific) to discuss these results. The conference call may be accessed by dialing (877) 303-9079, or (970) 315-0461 internationally. Accompanying presentation slides will be available to download at tasekomines.com. Alternatively, a live and archived webcast will also be available at tasekomines.com. The conference call will be archived for later playback until February 28, 2013 and can be accessed by dialing (855) 859-2056 in Canada and the United States, or (404) 537-3406 internationally and using the passcode 86515171.|
President and CEO
No regulatory authority has approved or disapproved of the information in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.
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