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, Oct. 27, 2016 /PRNewswire/ - Taseko Mines Limited
(TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") reports the
results for the three months ended September
30, 2016.
Third Quarter 2016 Highlights
- Adjusted EBITDA* increased by $16.9
million to $9.3 million in the
third quarter and earnings from mining operations before depletion
and amortization* increased by $14.7
million to $11.6 million, as
compared to the second quarter of 2016;
- Taseko had a net loss of $15.6
million or $0.07 per share, as
compared to a net loss of $19.4
million or $0.09 per share in
the second quarter of 2016;
- Site operating costs, net of by-product credits* were
US$1.58 per pound produced and total
operating costs (C1)* were US$1.89
per pound produced, both a significant improvement over the
previous quarter's costs of US$1.74
and US$2.07, respectively;
- Site operating cost per ton milled* was CAD$9.47, an improvement over the second quarter
of 2016 result of CAD$9.67;
- Copper production at Gibraltar
was 33.1 million pounds (100% basis), which is an 8% increase over
the second quarter of 2016;
- In September, Gibraltar's
molybdenum circuit was restarted and the facility produced 185,000
pounds of molybdenum for the month; and
- During the quarter, the Company has acquired copper put options
for a total of 20 million pounds with maturities between
October 2016 and January 2017 at a strike price of US$2.10 per pound.
Russell Hallbauer, President and
CEO of Taseko commented, "Copper production in the quarter
increased by 8% over the previous quarter as a result of improved
throughput, recoveries and copper grade. Gibraltar operated well in the quarter and,
due to high productivities with the mining fleet, we began
accessing higher grade ore earlier than originally anticipated. As
per our previous guidance, we are now into a long stretch of above
average copper grades which will benefit Gibraltar's cost structure and operating
margins. With the higher head grades, which we started accessing in
September and are expected to last well into 2017, copper
production and cash flows are anticipated to improve significantly
over the next year. Recoveries for the quarter also increased, a
result of higher grade ore as well as a continued focus on the
grinding and flotation circuits. We expect further recovery
improvements over the coming quarters."
*Non-GAAP performance
measure. Refer to end of news release.
|
Mr. Hallbauer continued, "Also contributing to Gibraltar's operating margin is the restart of
the molybdenum facility, which was idled in mid-2015 due to low
molybdenum pricing. Prior to the restart, a number of modifications
were made to the molybdenum plant as well as to operating
procedures, which are paying dividends already. Even though the
facility was just re-commissioned eight weeks ago, it is operating
extremely well. In October, molybdenum recoveries have averaged
above 50% and the facility has produced 190,000 pounds
month-to-date. Additionally, often overlooked is Gibraltar's silver production, which at
roughly 250,000 ounces annually is an important component of our
overall metal stream. Silver production, along with our improving
molybdenum production, provides a significant by-product
credit."
"We also have a number of exploration and development
initiatives underway. At Gibraltar, we just commenced a 6-hole drill
program to better define the copper-gold-silver zone discovery that
we recently announced. We do not believe drilling to-date has
uncovered the high-grade core of the deposit, so we are excited to
complete the next round of drilling. Also, we recently filed a
Notice of Work (NOW) at New Prosperity. The main activities to be
performed under the NOW are geotechnical drilling, test pitting and
mechanical trenching designed to gather information and data which
will be used for advancing mine permitting under the British
Columbia Mines Act. This work is expected to commence in 2017.
Finally, during the third quarter we received the Aquifer
Protection Permit for the Phase 1 test facility at our Florence
Copper Project. One remaining permit, the Underground Injection
Control Permit from EPA, is required to move forward with the test
facility. In addition to permitting work at Florence, the technical team has also been
making significant progress optimizing the extraction process as
well as metallurgical testing. We believe the new data will not
only validate the data in the prefeasibility study completed in
April 2013, but also improve the
economics of the project. I look forward to announcing these
results in the coming months," added Mr. Hallbauer.
HIGHLIGHTS
Financial
Data
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
(Cdn$ in thousands,
except for per share amounts)
|
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
Revenues
|
55,964
|
80,067
|
(24,103)
|
169,237
|
227,886
|
(58,649)
|
Earnings from mining
operations before depletion and amortization*
|
11,566
|
20,083
|
(8,517)
|
8,098
|
48,679
|
(40,581)
|
Earnings (loss) from
mining operations
|
(4,501)
|
5,963
|
(10,464)
|
(35,617)
|
11,994
|
(47,611)
|
Net loss
|
(15,610)
|
(17,722)
|
2,112
|
(36,509)
|
(38,911)
|
2,402
|
|
Per share - basic
("EPS")
|
(0.07)
|
(0.08)
|
0.01
|
(0.16)
|
(0.18)
|
0.02
|
Adjusted net
loss*
|
(10,423)
|
(1,586)
|
(8,837)
|
(48,264)
|
(2,419)
|
(45,845)
|
|
Per share - basic
("adjusted EPS")*
|
(0.05)
|
(0.01)
|
(0.04)
|
(0.22)
|
(0.01)
|
(0.21)
|
EBITDA*
|
4,064
|
3,395
|
669
|
7,208
|
17,358
|
(10,150)
|
Adjusted
EBITDA*
|
9,285
|
19,514
|
(10,229)
|
(2,849)
|
54,140
|
(56,989)
|
Cash flows provided
by (used for) operations
|
(7,493)
|
19,629
|
(27,122)
|
(15,810)
|
49,836
|
(65,646)
|
Operating Data
(Gibraltar - 100% basis)
|
Three months ended
September 30,
|
Nine months
ended September 30,
|
|
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
Tons mined
(millions)
|
21.5
|
27.4
|
(5.9)
|
69.2
|
72.4
|
(3.2)
|
Tons milled
(millions)
|
7.4
|
7.5
|
(0.1)
|
22.1
|
23.3
|
(1.2)
|
Production (million
pounds Cu)
|
33.1
|
40.9
|
(7.8)
|
92.6
|
109.1
|
(16.5)
|
Sales (million pounds
Cu)
|
29.8
|
40.5
|
(10.7)
|
90.6
|
107.8
|
(17.2)
|
*Non-GAAP performance measure. Refer to end of news
release.
REVIEW OF OPERATIONS
Gibraltar mine
(75% Owned)
|
|
|
|
|
|
|
Operating Data
(100% basis)
|
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
Q4
2015
|
Q3
2015
|
Tons mined
(millions)
|
|
21.5
|
26.2
|
21.5
|
21.3
|
27.4
|
Tons milled
(millions)
|
|
7.4
|
7.2
|
7.5
|
7.3
|
7.5
|
Strip
ratio
|
|
1.0
|
2.4
|
1.7
|
2.4
|
2.3
|
Site operating cost
per ton milled (CAD$)
|
|
$9.47
|
$9.67
|
$9.59
|
$9.41
|
$10.36
|
Copper
concentrate
|
|
|
|
|
|
|
|
Grade (%)
|
|
0.259
|
0.252
|
0.228
|
0.269
|
0.308
|
|
Recovery
(%)
|
|
85.9
|
84.1
|
84.4
|
84.9
|
87.4
|
|
Production (million
pounds Cu)
|
|
33.1
|
30.6
|
28.8
|
33.1
|
40.5
|
|
Sales (million pounds
Cu)
|
|
29.8
|
30.3
|
30.5
|
33.7
|
40.5
|
|
Inventory (million
pounds Cu)
|
|
5.4
|
2.1
|
1.9
|
3.4
|
3.9
|
Silver (in copper
concentrate)
|
|
|
|
|
|
|
|
Production (thousand
ozs Ag)
|
|
67
|
62
|
58
|
65
|
92
|
|
Sales (thousand ozs
Ag)
|
|
54
|
59
|
57
|
63
|
90
|
Copper
cathode
|
|
|
|
|
|
|
|
Production (million
pounds)
|
|
-
|
-
|
-
|
-
|
0.4
|
|
Sales (million
pounds)
|
|
-
|
-
|
-
|
-
|
0.6
|
Molybdenum
concentrate
|
|
|
|
|
|
|
|
Production (thousand
pounds Mo)
|
|
185
|
-
|
-
|
-
|
85
|
|
Sales (thousand
pounds Mo)
|
|
103
|
-
|
-
|
-
|
233
|
Per unit data (US$
per pound produced)*
|
|
|
|
|
|
|
|
Site operating
costs*
|
|
$1.64
|
$1.77
|
$1.81
|
$1.55
|
$1.45
|
|
By-product
credits*
|
|
(0.06)
|
(0.03)
|
(0.03)
|
(0.03)
|
(0.03)
|
Site operating, net
of by-product credits*
|
|
$1.58
|
$1.74
|
$1.78
|
$1.52
|
$1.42
|
Off-property
costs
|
|
0.31
|
0.33
|
0.33
|
0.33
|
0.34
|
Total operating costs
(C1)*
|
|
$1.89
|
$2.07
|
$2.11
|
$1.85
|
$1.76
|
*Non-GAAP performance measure. Refer to end of news
release.
OPERATIONS ANALYSIS
Third quarter results
During the third quarter of 2016, Gibraltar milled 7.4 million tons of
ore. A total of 21.5 million tons were mined during the
quarter, and 3.3 million tons of ore was added to stockpile which
resulted in a strip ratio of 1.0 for the period. Backfilling
of a mined out section of the Granite Pit commenced in mid-March
and resulted in highly productive short waste hauls through to the
middle of the third quarter. Earlier in the year, a decision
was made to take advantage of the higher productivities and mine
additional waste tons instead of idling equipment. The
additional waste stripping provided access to higher grade ore
earlier than originally planned, and copper head grade for the
month of September was 0.28%.
Copper recovery increased in the third quarter to 85.9% as a
result of improved operating practices and higher head grade.
Copper recovery continues to be an area of focus for
management.
Site operating cost per ton milled* was CAD$9.47 in the third quarter of 2016 which is in
line with the previous three quarters. Cost control initiatives
implemented during 2015, including mine plan modifications to
reduce waste stripping requirements, workforce reductions and
vendor initiatives, have continued to benefit operating costs in
2016.
Site operating costs per pound produced* decreased to
US$1.58 in the third quarter of 2016
from US$1.74 in the second quarter of
2016 primarily as a result of increased copper
production.
Long-term contracts for ocean freight and treatment and refining
costs contributed to reduced off-property costs of US$0.31 per pound produced, down from
US$0.34 per pound in the third
quarter of 2015. The Company's off-property costs are driven by
sales volumes rather than production and sales volumes were lower
than production volumes in the third quarter of 2016.
Total operating costs (C1) per pound* decreased to US$1.89 from US$2.07 in the second quarter of 2016 as a result
of increased copper production.
GIBRALTAR
OUTLOOK
Gibraltar's copper production
for the year is expected to be in the range of 130 to 140 million
pounds. Average head grade is expected to be approximately
0.30% for the fourth quarter, and the higher head grade is expected
to continue into 2017.
Overall, Gibraltar has achieved
a stable level of operations consistent with the updated reserve
model published in 2015 and the Company continues to focus on
further improvements to operating practices to reduce unit costs.
Total operating costs per pound produced (C1)* are also expected to
decline as copper head grade and copper production increases.
During September 2016, the molybdenum
circuit at Gibraltar was
successfully restarted, and will result in increased by-product
credits in future periods.
The Canadian dollar is expected to remain at a substantial
discount to the US dollar, and a weak Canadian dollar would
contribute to improved operating margins at Gibraltar as approximately 80% of mine
operating costs are paid in Canadian dollars.
*Non-GAAP performance measure. Refer to end of news
release.
REVIEW OF PROJECTS
Taseko's strategy has been to grow the Company by leveraging
cash flow from the Gibraltar Mine to assemble and develop a
pipeline of projects. We continue to believe this will generate the
best, long-term returns for shareholders. Our development projects
are located in British Columbia
and Arizona and represent a
diverse range of metals, including gold, copper and niobium. In
light of current market conditions, the Company has taken a prudent
approach and minimized spending on development projects. Total
expenditures on projects in the third quarter of 2016 consisted of
$1.4 million at the Florence Copper
project, $0.5 million on New
Prosperity, and $0.4 million on the
Aley Project.
Florence Copper Project
The Florence Copper project is currently in the final stages of
permitting for the Production Test Facility ("PTF"). The PTF will
include a well field comprised of thirteen (four injection and nine
recovery) commercial scale production wells and numerous
monitoring, observation and point of compliance wells, and also an
integrated demonstration scale solvent extraction and
electrowinning plant.
The Company has continued to work with the Arizona Department of
Environmental Quality ("ADEQ") in connection with the amendment to
the Temporary Aquifer Protection Permit ("APP"), and with the U.S.
Environmental Protection Agency in connection with the Underground
Injection Control ("UIC") permit. These are the two remaining
permits required for construction and operation of the PTF. On
August 2, 2016, Company announced the
receipt from the ADEQ of the APP permit. This permit was issued
following a public comment period earlier this year, and confirms
the ADEQ has completed its substantive review and is satisfied with
the conditions under which the PTF can operate. The timing of the
UIC permit is somewhat uncertain; however, the Company's
expectation is that this last required permit will be forthcoming
shortly.
In addition to permitting work, the Company's technical team has
been making significant progress optimizing the extraction process
as well as metallurgical testing. We believe the new data will not
only validate the data in the prefeasibility study completed in
April 2013, but also improve the
economics of the project.
New Prosperity Project
On February 12, 2016, Taseko
announced that it had filed a civil claim in the BC Supreme Court
against the Canadian federal government. The claim seeks damages in
relation to the February 25, 2014
decision concerning the New Prosperity Project in that the
Government of Canada and its
agents failed to meet the legal duties that were owed to Taseko and
that in doing so they caused and continue to cause damages,
expenses and loss to Taseko.
On July 20, 2016, Taseko announced
that the British Columbia Environmental Assessment Office is
proceeding with Taseko's request to amend the environmental
assessment certificate for its New Prosperity Project. In addition,
Taseko has filed a Notice of Work ("NOW") with the Ministry of
Energy & Mines which will allow the Company to gather
information to advance mine permitting under the British Columbia
Mines Act. Taseko looks forward to working with the six local
Tsilhqot'in First Nation bands as represented by the Tsilhqot'in
National Government on the consultative and substantive aspects of
the NOW as per the terms in the 2012 settlement agreement.
The Company will host
a telephone conference call and live webcast on Friday, October 28
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 in Canada and the United States, or (970) 315-0461
internationally.
The conference call
will be archived for later playback until November 4, 2016 and can
be accessed by dialing (855) 859-2056 in Canada and the United
States, or (404) 537-3406 internationally and using the passcode
79693414.
|
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.
Total operating costs and site operating costs, net of
by-product credits
Total costs of sales include all costs absorbed into inventory,
as well as transportation costs. Site operating costs is calculated
by removing net changes in inventory and depletion and amortization
and transportation costs from cost of sales. Site operating costs,
net of by-product credits is calculated by removing by-product
credits from the site operating costs. Site operating costs, net of
by-product credits 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 site operating costs, net
of by-product credits and off-property costs divided by the copper
pounds produced. By-product credits are calculated based on actual
sales of molybdenum (net of treatment costs) 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.
|
Three Months
ended
September 30,
|
Nine Months
ended
September 30,
|
(Cdn$ in thousands,
unless otherwise indicated) – 75% basis
|
2016
|
2015
|
2016
|
2015
|
Cost of
sales
|
60,465
|
74,104
|
204,854
|
215,892
|
Less:
|
|
|
|
|
|
Depletion and
amortization
|
(16,067)
|
(14,120)
|
(43,715)
|
(36,685)
|
|
Net change in
inventory
|
12,076
|
2,779
|
9,156
|
8,187
|
|
Transportation
costs
|
(3,544)
|
(4,415)
|
(11,149)
|
(13,271)
|
Site operating
costs
|
52,930
|
58,348
|
159,146
|
174,123
|
Less by-product
credits:
|
|
|
|
|
|
Molybdenum
|
(508)
|
(304)
|
(508)
|
(5,114)
|
|
Silver
|
(1,128)
|
(1,010)
|
(2,970)
|
(2,749)
|
Site operating costs,
net of by-product credits
|
51,294
|
57,034
|
155,668
|
166,260
|
Total copper produced
(thousand pounds)
|
24,838
|
30,710
|
69,426
|
81,840
|
Total costs per pound
produced
|
2.06
|
1.86
|
2.24
|
2.03
|
Average exchange rate
for the period (CAD/USD)
|
1.30
|
1.31
|
1.32
|
1.26
|
Site operating
costs, net of by-product credits (US$ per pound)
|
1.58
|
1.42
|
1.69
|
1.61
|
Site operating costs,
net of by-product credits
|
51,294
|
57,034
|
155,668
|
166,260
|
Add off-property
costs:
|
|
|
|
|
|
Treatment and
refining costs
|
6,187
|
9,432
|
18,266
|
26,699
|
|
Transportation
costs
|
3,544
|
4,415
|
11,149
|
13,271
|
Total operating
costs
|
61,025
|
70,881
|
185,083
|
206,230
|
Total operating
costs (C1) (US$ per pound)
|
1.89
|
1.76
|
2.02
|
2.00
|
Adjusted net earnings (loss)
Adjusted net earnings (loss) remove the effect of the following
transactions from net earnings as reported under IFRS:
- Unrealized gains/losses on derivative instruments;
- Unrealized foreign currency gains/losses; and
- Non-recurring transactions, including related 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 unrealized
foreign currency gains/losses are not necessarily reflective of the
underlying operating results for the reporting periods
presented.
|
|
|
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
($ in thousands,
except per share amounts)
|
2016
|
2015
|
2016
|
2015
|
Net
loss
|
(15,610)
|
(17,722)
|
(36,509)
|
(38.911)
|
|
Unrealized (gain)
loss on derivatives
|
50
|
(64)
|
1,041
|
2,177
|
|
Unrealized foreign
exchange (gain) loss
|
5,090
|
15,764
|
(16,587)
|
34,186
|
|
Write-down of
marketable securities
|
-
|
419
|
-
|
419
|
|
Other non-recurring
expenses*
|
81
|
-
|
5,489
|
-
|
|
Estimated tax effect
of adjustments
|
(34)
|
17
|
(1,698)
|
(290)
|
Adjusted net
loss
|
(10,423)
|
(1,586)
|
(48,264)
|
(2,419)
|
Adjusted
EPS
|
(0.05)
|
(0.01)
|
(0.22)
|
(0.01)
|
* Other non-recurring expenses includes legal and other
advisory costs associated with the special shareholder meeting, the
proxy contest and related litigation, and other non-recurring
financing costs.
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;
- Unrealized foreign exchange gains/losses; and
- Non-recurring transactions.
While some of the adjustments are recurring, other non-recurring
expenses 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
September 30,
|
Nine months
ended
September 30,
|
($ in thousands,
except per share amounts)
|
2016
|
2015
|
2016
|
2015
|
Net
loss
|
(15,610)
|
(17,722)
|
(36,509)
|
(38,911)
|
Add:
|
|
|
|
|
|
Depletion and
amortization
|
16,066
|
14,140
|
43,799
|
36,751
|
|
Amortization of
stock-based compensation
|
253
|
293
|
2,300
|
1,643
|
|
Finance
expense
|
7,964
|
6,881
|
21,979
|
19,490
|
|
Finance
income
|
(279)
|
(290)
|
(787)
|
(1,114)
|
|
Income tax expense
(recovery)
|
(4,330)
|
93
|
(23,574)
|
(501)
|
EBITDA
|
4,064
|
3,395
|
7,208
|
17,358
|
Adjustments:
|
|
|
|
|
|
Unrealized (gain)
loss on derivative instruments
|
50
|
(64)
|
1,041
|
2,177
|
|
Unrealized foreign
exchange (gain) loss
|
5,090
|
15,764
|
(16,587)
|
34,186
|
|
Write-down of
marketable securities
|
-
|
419
|
-
|
419
|
|
Other non-recurring
expenses*
|
81
|
-
|
5,489
|
-
|
Adjusted
EBITDA
|
9,285
|
19,514
|
(2,849)
|
54,140
|
|
* Other
non-recurring expenses includes legal and other advisory costs
associated with the special shareholder meeting, the proxy contest
and related litigation, and other non-recurring financing
costs.
|
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
September 30,
|
Nine months
ended
September 30,
|
(Cdn$ in thousands,
except per share amounts)
|
2016
|
2015
|
2016
|
2015
|
Earnings (loss)
from mining operations
|
(4,501)
|
5,963
|
(35,617)
|
11,994
|
Add:
|
|
|
|
|
|
Depletion and
amortization
|
16,067
|
14,120
|
43,715
|
36,685
|
Earnings from
mining operations before depletion and amortization
|
11,566
|
20,083
|
8,098
|
48,679
|
Site operating costs per ton milled
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
(Cdn$ in thousands,
except per share amounts)
|
2016
|
2015
|
2016
|
2015
|
Site operating
costs (included in cost of sales)
|
52,930
|
58,348
|
159,146
|
174,123
|
|
|
|
|
|
Tons milled
(thousands) (75% basis)
|
5,587
|
5,631
|
16,611
|
17,472
|
Site operating
costs per ton milled
|
$9.47
|
$10.36
|
$9.58
|
$9.97
|
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 the continuing availability of capital
and financing;
- 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
SOURCE Taseko Mines Limited