Taseko Mines Records Record Quarterly Revenue Amid Copper Price Surge
Taseko Mines reported record quarterly revenue and strong operating cash flow in its second-quarter call. The company cited copper prices above CAD 6 per pound, steady output at Gibraltar, and the first full quarter of production from its Florence operation as key factors.
President and CEO Stuart McDonald said the company's Gibraltar mine delivered a consistent operating performance, while Florence produced more than 5 million pounds of copper cathode during its initial full production quarter. Chief Financial Officer Bryce Hamming said Taseko generated CAD 331 million in revenue, CAD 183 million in operating cash flow, and CAD 125 million in adjusted EBITDA during the quarter.
The company recorded a CAD 24 million realized loss on hedging derivatives related to copper call options established to support Florence's construction ramp-up. However, Taseko expects to reduce its leverage with rising Florence production and the absence of expected realized copper-price ceilings beyond the third quarter.