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
indicated. |
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.
*Non-GAAP performance measure. See end of news release. |
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."
"In February, the Government of Canada announced it will not issue the federal
authorizations necessary for New Prosperity to proceed. The Company
fundamentally disagrees with this decision and believes they based
their decision on a panel report which contains serious
flaws. The Company continues to evaluate all of its options
for future growth, including organic growth opportunities at
Gibraltar and Aley," concluded Mr.
Hallbauer.
HIGHLIGHTS
Financial
Data |
|
|
|
Three months
ended
March 31, |
(Cdn$ in thousands, except for per
share amounts) |
|
|
|
2014 |
|
|
2013 |
|
|
|
Change |
Revenues |
|
|
|
104,996 |
|
|
60,150 |
|
|
|
44,846 |
Earnings from mining operations before
depletion and amortization* |
|
|
|
19,439 |
|
|
19,593 |
|
|
|
(154) |
Earnings from mining operations |
|
|
|
8,787 |
|
|
13,214 |
|
|
|
(4,427) |
Net earnings (loss) |
|
|
|
(9,148) |
|
|
(10,482) |
|
|
|
1,334 |
|
Per share - basic ("EPS") |
|
|
|
(0.05) |
|
|
(0.05) |
|
|
|
- |
Adjusted net earnings
(loss)* |
|
|
|
(2,710) |
|
|
(2,833) |
|
|
|
123 |
|
Per share - basic ("adjusted EPS")
* |
|
|
|
(0.01) |
|
|
(0.01) |
|
|
|
- |
EBITDA * |
|
|
|
8,858 |
|
|
(591) |
|
|
|
9,449 |
Adjusted EBITDA * |
|
|
|
14,594 |
|
|
9,608 |
|
|
|
4,986 |
Cash flows provided by (used for)
operations |
|
|
|
23,301 |
|
|
(3,744) |
|
|
|
27,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data (Gibraltar - 100%
basis) |
|
|
|
|
|
Q1 2014 |
|
|
Q4 2013 |
|
|
Q3 2013 |
|
|
Q2 2013 |
|
|
Q1 2013 |
Copper contained in
concentrate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production (million pounds Cu) |
|
|
|
|
|
34.5 |
|
|
33.5 |
|
|
36.7 |
|
|
28.1 |
|
|
23.2 |
|
Sales (million pounds Cu) |
|
|
|
|
|
40.0 |
|
|
37.0 |
|
|
26.6 |
|
|
27.8 |
|
|
22.4 |
|
Inventory (million pounds Cu) |
|
|
|
|
|
4.4 |
|
|
10.1 |
|
|
13.6 |
|
|
3.5 |
|
|
3.3 |
Per unit data (US$ per pound)
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs of production* |
|
|
|
|
|
$2.19 |
|
|
$1.88 |
|
|
$1.95 |
|
|
$2.09 |
|
|
$2.28 |
|
By-product credits |
|
|
|
|
|
(0.21) |
|
|
(0.18) |
|
|
(0.04) |
|
|
(0.15) |
|
|
(0.21) |
Net operating costs of production
* |
|
|
|
|
|
$1.98 |
|
|
$1.70 |
|
|
$1.91 |
|
|
$1.94 |
|
|
$2.07 |
Off-property costs |
|
|
|
|
|
0.50 |
|
|
0.44 |
|
|
0.30 |
|
|
0.40 |
|
|
0.38 |
Total operating costs * |
|
|
|
|
|
$2.48 |
|
|
$2.14 |
|
|
$2.21 |
|
|
$2.34 |
|
|
$2.45 |
*Non-GAAP performance measure. See page 18 of the
MD&A. |
- Total sales for the first quarter of 2014 were 40 million
pounds of contained copper in concentrate (100% basis), as a result
of strong production for the quarter and a reduction in inventory
levels;
- Quarter-end copper inventories declined by 6.5 million pounds
to 4.4 million pounds, which represents a normal expected inventory
level;
- Quarterly copper production at Gibraltar increased to 34.5 million pounds
(100% basis) for the first quarter of 2014, a 48% increase over the
first quarter of 2013;
- Copper head grade was 0.29% in the first quarter, which is
below the Granite pit average grade, although slightly higher than
predicted;
- Copper recoveries were 84.6% and molybdenum recoveries were
42.5%, with both measures improving steadily as the quarter
advanced;
- Maintenance on the shovels allocated to waste stripping
resulted in the decision to maximize usage of truck capacity by
reallocating waste haul trucks to hauling ore. This, coupled with
the maintenance costs incurred on the shovels, led to the increased
net operating cost in the first quarter of 2014 of $1.98 per pound;
- The Company generated cash flows from operations of
$23.3 million in the first quarter of
2014 compared to an outflow of $3.7
million in the first quarter of 2013;
- The Company ended the first quarter of 2014 with a cash balance
of $86.7 million; and
- The Company continues to evaluate all of its options for future
growth, including organic growth opportunities at Gibraltar and Aley.
REVIEW OF OPERATIONS
Gibraltar
mine (75% Owned)
Operating results in the following table are
presented on a 100% basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data (100%
basis) |
|
|
|
|
|
Q1 2014 |
|
|
Q4 2013 |
|
|
Q3 2013 |
|
|
Q2 2013 |
|
|
Q1 2013 |
Tons mined (millions) |
|
|
|
|
|
25.9 |
|
|
21.5 |
|
|
22.6 |
|
|
22.7 |
|
|
22.6 |
Tons milled (millions) |
|
|
|
|
|
7.0 |
|
|
7.6 |
|
|
6.8 |
|
|
5.8 |
|
|
4.3 |
Strip ratio |
|
|
|
|
|
2.8 |
|
|
3.9 |
|
|
2.6 |
|
|
3.3 |
|
|
3.3 |
Copper concentrate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grade (%) |
|
|
|
|
|
0.290 |
|
|
0.270 |
|
|
0.315 |
|
|
0.281 |
|
|
0.318 |
|
Recovery (%) |
|
|
|
|
|
84.6 |
|
|
81.7 |
|
|
85.9 |
|
|
85.8 |
|
|
84.8 |
|
Production (million pounds Cu) |
|
|
|
|
|
34.5 |
|
|
33.5 |
|
|
36.7 |
|
|
28.1 |
|
|
23.2 |
|
Sales (million pounds Cu) |
|
|
|
|
|
40.0 |
|
|
37.0 |
|
|
26.6 |
|
|
27.8 |
|
|
22.4 |
|
Inventory (million pounds Cu) |
|
|
|
|
|
4.4 |
|
|
10.1 |
|
|
13.6 |
|
|
3.5 |
|
|
3.3 |
Molybdenum concentrate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grade (%) |
|
|
|
|
|
0.009 |
|
|
0.010 |
|
|
0.012 |
|
|
0.011 |
|
|
0.011 |
|
Recovery (%) |
|
|
|
|
|
42.5 |
|
|
34.8 |
|
|
17.5 |
|
|
26.4 |
|
|
38.2 |
|
Production (thousand pounds Mo) |
|
|
|
|
|
566 |
|
|
480 |
|
|
284 |
|
|
333 |
|
|
355 |
|
Sales (thousand pounds Mo) |
|
|
|
|
|
589 |
|
|
499 |
|
|
110 |
|
|
317 |
|
|
337 |
Per unit data (US$ per pound)
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs of production* |
|
|
|
|
|
$2.19 |
|
|
$1.88 |
|
|
$1.95 |
|
|
$2.09 |
|
|
$2.28 |
|
By-product credits * |
|
|
|
|
|
(0.21) |
|
|
(0.18) |
|
|
(0.04) |
|
|
(0.15) |
|
|
(0.21) |
Net operating costs of production
* |
|
|
|
|
|
$1.98 |
|
|
$1.70 |
|
|
$1.91 |
|
|
$1.94 |
|
|
$2.07 |
Off-property costs |
|
|
|
|
|
0.50 |
|
|
0.44 |
|
|
0.30 |
|
|
0.40 |
|
|
0.38 |
Total operating costs
* |
|
|
|
|
|
$2.48 |
|
|
$2.14 |
|
|
$2.21 |
|
|
$2.34 |
|
|
$2.45 |
*Non-GAAP performance measure. See page 18 of the MD&A |
A total of 25.9 million tons were mined in the
first quarter, a 14% increase over the first quarter of 2013,
although lower than planned due to low shovel availability. Mining
operations were accelerated in the lower grade portion of the
Granite Pit due to the reallocation of haul trucks from waste
hauling. Copper grade is approximately 10% lower than the Granite
Pit reserve grade in the current mining areas.
Total mill throughput for the first quarter was
7.0 million tons, an increase of 62% over tons milled in the first
quarter 2013. Total copper production for the quarter was 34.5
million pounds, a 48% increase over pounds produced in the first
quarter of 2013. This significant increase in production is a
result of the additional milling capacity since concentrator #2
fully is now operational.
Molybdenum recoveries were 42.5% for the first
quarter, much improved over the previous quarter. Molybdenum
production for the first quarter of 2014 was 566,000 pounds, a 59%
increase over the first quarter of 2013.
In the first quarter of 2014, net operating
costs per pound of copper produced were US$1.98, a 15% increase over the US$1.70 per pound in the fourth quarter 2013.
Operating costs for the first quarter of 2014
were impacted by maintenance on the shovels allocated to waste
stripping. This resulted in the decision to maximize usage of truck
capacity by reallocating waste haul trucks to hauling ore, which
resulted in increased unit mining costs and less capitalized
stripping.
The increased costs were slightly offset by
increased copper production resulting from higher average head
grade and an increase in molybdenum by-product credits. The
increased by-product credits are a result of the improved
performance in the new molybdenum plant.
Off property costs, including transportation,
treatment and refining charges, for the first quarter of 2014 were
$0.50 per pound produced, compared to
$0.38 per pound produced in the first
quarter of 2013 due to an increased level of off property costs as
a result of higher sales volumes. Off property costs are driven by
sales volumes, and therefore off property costs per pound produced
fluctuates based on differences between production and sales
volumes.
The total operating costs, including
off-property costs, for the first quarter of 2014 were $2.48 per pound produced, higher when compared to
the $2.45 per pound produced in the
first quarter of 2013.
Taseko will host a conference call on Thursday, May 8, 2014 at
11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these
results. The conference call may be accessed by dialing (877)
303-9079 or (970) 315-0461 internationally. Alternatively, a
live and archived webcast will also be available at
tasekomines.com. The conference call will be archived for later
playback until May 15, 2014 and can be accessed by dialing (855)
859-2056 in Canada and the United States, or (404)
537-3406 internationally and using the passcode 24727947 |
Russell
Hallbauer
President and CEO
No regulatory authority has approved or
disapproved of the information in this news release.
NON-GAAP PERFORMANCE MEASURES
This document includes certain non-GAAP
performance measures that do not have a standardized meaning
prescribed by IFRS. These measures may differ from those used
by, and may not be comparable to such measures as reported by,
other issuers. The Company believes that these measures are
commonly used by certain investors, in conjunction with
conventional IFRS measures, to enhance their understanding of the
Company's performance. These measures have been derived from
the Company's financial statements and applied on a consistent
basis. The following tables below provide a reconciliation of
these non-GAAP measures to the most directly comparable IFRS
measure.
Net operating costs of production
|
|
|
|
|
|
Three Months
ended
March 31, |
(Cdn$ in thousands, unless otherwise
indicated) - 75% basis |
|
|
|
|
|
2014 |
|
|
2013 |
Cost of sales |
|
|
|
|
|
96,209 |
|
|
46,936 |
Less Depletion and amortization |
|
|
|
|
|
(10,652) |
|
|
(6,379) |
Net change in inventory |
|
|
|
|
|
(8,622) |
|
|
6,202 |
Operating costs of
production |
|
|
|
|
|
76,935 |
|
|
46,759 |
Less by-product credits: |
|
|
|
|
|
|
|
|
|
|
Molybdenum |
|
|
|
|
|
(5,090) |
|
|
(2,735) |
|
Silver |
|
|
|
|
|
(1,012) |
|
|
(956) |
Less offsite costs: |
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
(7,702) |
|
|
(3,412) |
|
Transportation costs |
|
|
|
|
|
(6,513) |
|
|
(3,333) |
Net operating costs of
production |
|
|
|
|
|
56,618 |
|
|
36,323 |
Total copper produced (thousand
pounds) |
|
|
|
|
|
25,906 |
|
|
17,420 |
Net operating costs of production (CAD
per pound) |
|
|
|
|
|
2.19 |
|
|
2.09 |
Average exchange rate for the period
(CAD/USD) |
|
|
|
|
|
1.1036 |
|
|
1.0086 |
Net operating costs of production
(US$ per pound) |
|
|
|
|
|
1.98 |
|
|
2.07 |
Net operating costs of
production |
|
|
|
|
|
56,619 |
|
|
36,323 |
Add offsite costs: |
|
|
|
|
|
|
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
7,702 |
|
|
3,412 |
|
Transportation costs |
|
|
|
|
|
6,513 |
|
|
3,333 |
Total operating costs |
|
|
|
|
|
70,834 |
|
|
43,068 |
Total operating costs (US$ per
pound) |
|
|
|
|
|
2.48 |
|
|
2.45 |
Total costs of sales include all costs absorbed
into inventory, as well as treatment and refining costs and
transportation costs. Operating costs of production is calculated
by removing net changes in inventory and depletion and amortization
from cost of sales. Net operating costs of production is calculated
by removing by-product credits and offsite costs from the operating
costs of production. Net operating costs of production per pound
are calculated by dividing the aggregate of the applicable costs by
copper pounds produced. Total operating costs per pound is the sum
of net operating costs of production and offsite costs divided by
the copper pounds produced. By-product credits are calculated based
on actual sales of molybdenum and silver during the period divided
by the total pounds of copper produced during the period. These
measures are calculated on a consistent basis for the periods
presented.
Adjusted net earnings
Adjusted net earnings removes the effect of the
following transactions from net earnings as reported under
IFRS:
- Unrealized gains/losses on derivative instruments;
- Write down of marketable securities;
- Foreign currency translation gains/losses; and
- Non-recurring transactions, including non-recurring tax
adjustments.
Management believes these transactions do not
reflect the underlying operating performance of our core mining
business and are not necessarily indicative of future operating
results. Furthermore, unrealized gains/losses on derivative
instruments, changes in the fair value of financial instruments,
and foreign currency translation gains/losses are not necessarily
reflective of the underlying operating results for the reporting
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
March 31, |
($ in thousands, except per share
amounts) |
|
|
|
|
|
2014 |
|
|
2013 |
Net (loss) earnings |
|
|
|
|
|
(9,148) |
|
|
(10,482) |
|
Unrealized loss (gain) on derivatives |
|
|
|
|
|
(2,744) |
|
|
(1,985) |
|
Unrealized foreign exchange translation
(gains)/losses |
|
|
|
|
|
8,480 |
|
|
3,227 |
|
Write down of marketable securities |
|
|
|
|
|
- |
|
|
9,387 |
|
Non-recurring other expenses (income) |
|
|
|
|
|
- |
|
|
(430) |
|
Estimated tax effect of adjustments |
|
|
|
|
|
702 |
|
|
(2,550) |
Adjusted net earnings
(loss) |
|
|
|
|
|
(2,710) |
|
|
(2,833) |
Adjusted EPS |
|
|
|
|
|
(0.01) |
|
|
(0.01) |
EBITDA and adjusted EBITDA
EBITDA represents net earnings before interest,
income taxes, and depreciation. EBITDA is presented because
it is an important supplemental measure of our performance and is
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in the industry,
many of which present EBITDA when reporting their results.
Issuers of "high yield" securities also present EBITDA because
investors, analysts and rating agencies consider it useful in
measuring the ability of those issuers to meet debt service
obligations. The Company believes EBITDA is an appropriate
supplemental measure of debt service capacity, because cash
expenditures on interest are, by definition, available to pay
interest, and tax expense is inversely correlated to interest
expense because tax expense goes down as deductible interest
expense goes up; depreciation is a non-cash charge.
Adjusted EBITDA is presented as a further
supplemental measure of the Company's performance and ability to
service debt. Adjusted EBITDA is prepared by adjusting EBITDA
to eliminate the impact of a number of items that are not
considered indicative of ongoing operating performance.
Adjusted EBITDA is calculated by adding to
EBITDA certain items of expense and deducting from EBITDA certain
items of income that are not likely to recur or are not indicative
of the Company's future operating performance consisting of:
- Unrealized gains/losses on derivative instruments;
- Write down of marketable securities;
- Foreign currency translation gains/losses; and
- Non-recurring transactions.
While some of the adjustments are recurring
gains/losses on the sale of marketable securities do not reflect
the underlying performance of the Company's core mining business
and are not necessarily indicative of future results.
Furthermore, unrealized gains/losses on derivative instruments,
foreign currency translation gains/losses and changes in the fair
value of financial instruments are not necessarily reflective of
the underlying operating results for the reporting periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
March 31, |
(Cdn$ in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
2013 |
Net earnings (loss) |
|
|
|
|
|
|
|
|
|
|
(9,148) |
|
|
|
(10,482) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
10,735 |
|
|
|
6,518 |
|
Amortization of stock based compensation |
|
|
|
|
|
|
|
|
|
|
2,083 |
|
|
|
1,355 |
|
Finance expense |
|
|
|
|
|
|
|
|
|
|
6,647 |
|
|
|
2,293 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
(1,122) |
|
|
|
(1,742) |
|
Income tax expense (recovery) |
|
|
|
|
|
|
|
|
|
|
(337) |
|
|
|
1,467 |
EBITDA |
|
|
|
|
|
|
|
|
|
|
8,858 |
|
|
|
(591) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain)/loss on derivative
instruments |
|
|
|
|
|
|
|
|
|
|
(2,744) |
|
|
|
(1,985) |
|
Write-down of marketable securities |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
9,387 |
|
Non-recurring other expenses (income) |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
(430) |
|
Foreign currency translation (gains) losses |
|
|
|
|
|
|
|
|
|
|
8,480 |
|
|
|
3,227 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
14,594 |
|
|
|
9,608 |
Earnings from mining operations before
depletion and amortization
Earnings from mining operations before depletion
and amortization is earnings from mining operations with depletion
and amortization added back. The Company discloses this measure,
which has been derived from our financial statements and applied on
a consistent basis, to provide assistance in understanding the
results of the Company's operations and financial position and it
is meant to provide further information about the financial results
to investors.
|
|
|
|
|
|
Three months ended
March 31, |
(Cdn$ in thousands, except per share amounts) |
|
|
|
|
|
2014 |
2013 |
Earnings from mining operations |
|
|
|
|
|
8,787 |
13,214 |
Add: |
|
|
|
|
|
|
|
Depletion and amortization |
|
|
|
|
|
10,652 |
6,379 |
Earnings from mining operations before
depletion and amortization |
|
|
|
|
|
19,439 |
19,593 |
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:
- uncertainties and costs related to the Company's exploration
and development activities, such as those associated with
continuity of mineralization or determining whether mineral
resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of
mineral reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to our ability to complete the mill
upgrade on time estimated and at the scheduled cost;
- uncertainties related to the ability to obtain necessary
licenses permits for development projects and project delays due to
third party opposition;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development
activities and mining operations, particularly laws, regulations
and policies;
- changes in general economic conditions, the financial markets
and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, steel, concrete,
electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the
value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain
insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in
accounting policies and methods we use to report our financial
condition, including uncertainties associated with critical
accounting assumptions and estimates;
- environmental issues and liabilities associated with mining
including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference
that interrupt the production of minerals in our mines.
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.
SOURCE Taseko Mines Limited