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, Aug. 7, 2019 /PRNewswire/ - Taseko Mines Limited
(TSX: TKO; NYSE American: TGB) ("Taseko" or the "Company") reports
earnings from mining operations before depletion and amortization*
of $18.6 million, Adjusted EBITDA* of
$14.7 million and a net loss of
$11.0 million, or $0.04 per share, in the second quarter of
2019.
Stuart McDonald, President of
Taseko stated, "Gibraltar produced
34.7 million pounds of copper in the second quarter, a 39% increase
from the previous quarter, as copper head grades increased as
expected. We also benefited from improved recoveries and higher
mill throughput. Year-to-date copper production is on budget and we
expect to meet our original 2019 copper production guidance of 130
million pounds (+/-5%). Quarterly fluctuations have always been a
characteristic of Gibraltar, but
on an annual basis the variability is low."
"Site operating costs, net of by-product credits* were
US$1.71 per pound, 10% lower than the
previous quarter as a result of the increased copper production in
the quarter. Our cash balance increased to $42 million during the period and we have a
number of initiatives underway to further improve this position as
we move towards potential development of our Florence Copper
Project next year," added Mr. McDonald.
Russell Hallbauer, CEO commented,
"The emerging story for Taseko is the Florence Copper Project and
we've achieved some significant milestones recently. In April, we
plated the first batch of high quality 99.9% copper cathode, just
four months after leaching operations commenced. In June, copper
grades in the leach solutions reached commercial levels, well in
advance of when we expected this to occur. We also filed the
Aquifer Protection Permit amendment application in June with the
Arizona Department of Environmental Quality and just this week, the
Underground Injection Control Permit amendment with the US EPA. In
addition to the continued technical successes, financing
discussions are progressing with a number of potential lenders and
joint venture partners."
Mr. Hallbauer concluded, "We continue the engineering work on
our recently acquired Yellowhead Copper Project. The environmental
assessment process is underway and discussions are ongoing with
local first nations and Provincial and Federal government
regulators."
*Non-GAAP performance
measure. See end of News release.
|
Second Quarter Review
- Second quarter earnings from mining operations before depletion
and amortization* were $18.6 million,
and Adjusted EBITDA was $14.7
million;
- Cash flow from operations was $11.1
million, a 54% increase over the first quarter of 2019;
- Copper production in the second quarter was 34.7 million pounds
and copper sales were 32.3 million pounds (100% basis), both
increasing 39% over the first quarter of 2019;
- Molybdenum production was 653 thousand pounds; molybdenum
prices remained steady and averaged US$12.18 per pound during the quarter;
- Site operating costs, net of by-product credits* were
US$1.71 per pound produced, a 10%
decrease from the first quarter of 2019;
- Net loss was $11.0 million
($0.04 per share) and adjusted net
loss* was $17.5 million ($0.07 per share);
- Depletion and amortization was $30.1
million in the second quarter, an increase of $10.0 million (or $0.04/share) from the prior quarter due to
increased depreciation of capitalized strip associated with ore
processed from the Granite pit;
- During the quarter, the Company entered into equipment
refinancings at attractive rates on existing mine equipment at
Gibraltar and received net
proceeds of $22.2 million, and made
its semi-annual bond interest payment of $14.3 million;
- In April 2019, the Company
announced first copper production from the test facility at the
Florence Copper project. In June
2019, the Company announced its submission of the permit
amendment application for the Aquifer Protection Permit to the
Arizona Department of Environmental Quality and that it achieved
commercial grade leach solution; and
- The Company's cash balance at June 30,
2019 was $42.0 million.
*Non-GAAP performance
measure. See end of news release.
|
HIGHLIGHTS
Financial
Data
|
Three months ended
June 30,
|
Six months ended
June 30,
|
(Cdn$ in thousands,
except for per share amounts)
|
2019
|
2018
|
Change
|
2019
|
2018
|
Change
|
Revenues
|
86,521
|
94,273
|
(7,752)
|
156,795
|
158,452
|
(1,657)
|
Earnings from mining
operations before
depletion and amortization*
|
18,646
|
36,267
|
(17,621)
|
34,375
|
49,811
|
(15,436)
|
Earnings (loss) from
mining operations
|
(11,492)
|
18,312
|
(29,804)
|
(15,947)
|
17,076
|
(33,023)
|
Net loss
|
(11,012)
|
(4,671)
|
(6,341)
|
(18,943)
|
(23,152)
|
4,209
|
Per share - basic
("EPS")
|
(0.04)
|
(0.02)
|
(0.02)
|
(0.08)
|
(0.10)
|
0.02
|
Adjusted net income
(loss)*
|
(17,471)
|
2,337
|
(19,808)
|
(31,890)
|
(8,662)
|
(23,228)
|
Per share - basic
("adjusted EPS")*
|
(0.07)
|
0.01
|
(0.08)
|
(0.13)
|
(0.04)
|
(0.09)
|
Adjusted
EBITDA*
|
14,660
|
32,251
|
(17,591)
|
24,905
|
39,788
|
(14,883)
|
Cash flows provided
by operations
|
11,073
|
20,349
|
(9,276)
|
18,264
|
31,905
|
(13,641)
|
Operating Data
(Gibraltar - 100% basis)
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|
2019
|
2018
|
Change
|
2019
|
2018
|
Change
|
Tons mined
(millions)
|
26.6
|
27.4
|
(0.8)
|
50.0
|
54.1
|
(4.1)
|
Tons milled
(millions)
|
7.7
|
7.5
|
0.2
|
14.5
|
15.0
|
(0.5)
|
Production (million
pounds Cu)
|
34.7
|
33.5
|
1.2
|
59.5
|
56.4
|
3.1
|
Sales (million pounds
Cu)
|
32.3
|
32.2
|
0.1
|
55.6
|
55.0
|
0.6
|
|
*Non-GAAP performance
measure. See end of news release.
|
REVIEW OF OPERATIONS
Gibraltar Mine (75% Owned)
Operating data
(100% basis)
|
Q2
2019
|
Q1
2019
|
Q4
2018
|
Q3
2018
|
Q2
2018
|
Tons mined
(millions)
|
26.6
|
23.3
|
28.4
|
29.0
|
27.4
|
Tons milled
(millions)
|
7.7
|
6.8
|
7.1
|
8.0
|
7.5
|
Strip
ratio
|
2.3
|
3.2
|
5.1
|
1.7
|
1.9
|
Site operating cost
per ton milled (CAD$)*
|
$11.51
|
$10.88
|
$9.16
|
$10.60
|
$10.31
|
Copper
concentrate
|
|
|
|
|
|
Head grade
(%)
|
0.256
|
0.216
|
0.222
|
0.314
|
0.263
|
Copper recovery
(%)
|
87.7
|
84.6
|
81.3
|
85.9
|
85.3
|
Production (million
pounds Cu)
|
34.7
|
24.9
|
25.8
|
43.0
|
33.5
|
Sales (million pounds
Cu)
|
32.3
|
23.3
|
42.7
|
28.8
|
32.2
|
Inventory (million
pounds Cu)
|
5.5
|
3.1
|
1.6
|
18.5
|
4.2
|
Molybdenum
concentrate
|
|
|
|
|
|
Production (thousand
pounds Mo)
|
653
|
738
|
727
|
690
|
506
|
Sales (thousand pounds
Mo)
|
708
|
770
|
738
|
709
|
424
|
Per unit data (US$
per pound produced)*
|
|
|
|
|
|
Site operating
costs*
|
$1.92
|
$2.23
|
$1.92
|
$1.50
|
$1.78
|
By-product
credits*
|
(0.21)
|
(0.32)
|
(0.30)
|
(0.16)
|
(0.12)
|
Site operating costs,
net of by-product credits*
|
$1.71
|
$1.91
|
$1.62
|
$1.34
|
$1.66
|
Off-property
costs
|
0.30
|
0.30
|
0.49
|
0.24
|
0.32
|
Total operating costs
(C1)*
|
$2.01
|
$2.21
|
$2.11
|
$1.58
|
$1.98
|
|
*Non-GAAP performance
measure. See end of news release.
|
OPERATIONS ANALYSIS
Second Quarter Operating Results
Copper production in the second quarter was 34.7 million
pounds. Copper grade for the quarter averaged 0.256%, which
was in line with management expectations, the mine plan, and the
life of mine average grade. Copper recovery in the mill was
87.7% during the quarter. Production was also positively
affected by higher mill throughput during the quarter.
A total of 26.6 million tons were mined during the period, an
increase of 3.3 million tons over the previous quarter as shovel
fleet availability returned to planned levels. The strip
ratio for the second quarter was 2.3 to 1.
Total site spending (including capitalized stripping costs) was
6% higher than the previous quarter. The increase was a
result of higher mine operations costs from an increase in tons
mined and timing of maintenance related costs. A smaller
proportion of mining costs are being capitalized in the second
quarter because of advancement in the Granite pit.
Capitalized stripping costs totaled $2.0
million (75% basis) compared to $8.0
million in the prior quarter. These factors
contributed to the increase in site operating cost per ton milled*,
which was $11.51 for the period.
Molybdenum production was 653 thousand pounds in the second
quarter. Molybdenum prices held steady and averaged
US$12.18 per pound over the
quarter. By-product credits per pound of copper produced*
decreased to US$0.21 in the second
quarter from US$0.32 in the previous
quarter as a result of the increase in copper
production.
Off-property costs per pound produced* were US$0.30 for the second quarter of 2019.
Off-property costs consist of concentrate treatment, refining and
transportation costs, and these costs are in line with recent
quarters relative to copper sold.
GIBRALTAR
OUTLOOK
Gibraltar is expected to
produce approximately 130 million pounds (+/-5%) on a 100% basis in
2019, comparable to the production level achieved in 2018. While
there will be quarterly fluctuations in both copper and molybdenum
production, the Company does not anticipate those fluctuations to
be as significant for the remainder of the year. The fundamentals
for copper remain strong and most industry analysts are projecting
a growing deficit and higher copper prices in the coming years.
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 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,
molybdenum and niobium. Our current focus is on the development of
the Florence Copper Project.
*Non-GAAP performance
measure. See page 20 of this MD&A
|
Florence Copper
Wellfield operations at the Production Test Facility ("PTF")
commenced in the fourth quarter of 2018. On April 12, 2019, the Company announced that the
SX/EW plant was producing first copper and the first harvest from
the PTF resulted in 3,700 pounds of copper cathode which was
assayed at higher than 99.9% copper. In June, the Company
announced that after approximately six months of operating the PTF,
the leach solution reached commercial grade levels well in advance
of expectations.
The main focus of the PTF phase is to demonstrate to regulators
and key stakeholders that hydraulic control of underground leach
solutions can be maintained, and provide valuable data to validate
the Company's leach model as well as optimize well design and
performance and hydraulic control parameters. Successful
operation of the in-situ leaching process will allow permits to be
amended for the full scale commercial operation, which is expected
to produce 85 million pounds of copper cathode annually for 20
years.
Two key permit amendments are required to commence construction
of the commercial scale facility at Florence Copper. These
are the Aquifer Protection Permit ("APP") amendment application to
the Arizona Department of Environmental Quality ("ADEQ") and
the permit amendment application for the Underground Injection
Control ("UIC") Permit to the U.S. Environmental Protection Agency
("EPA"). In June 2019, the Company
submitted the APP amendment application to the ADEQ. The UIC permit
amendment application was submitted to the EPA in the first week of
August. It is anticipated that permitting of the commercial
scale operation could be completed in the first half of
2020.
The estimated capital cost of the commercial scale operation is
US$204 million based on the Company's
2017 43-101 technical report and the Company has continued to
advance various project financing options from debt providers,
royalty companies, and potential joint venture partners.
Management is targeting to have the project finance funding
committed in advance of both the APP and UIC permit amendments
being issued by the ADEQ and EPA, respectively.
Total expenditures at the Florence Project in the second quarter
of 2019 were $3.5 million which
includes PTF operation and other project development costs.
Yellowhead Copper
On February 15, 2019, the Company
acquired all of the outstanding common shares of Yellowhead Mining
Inc. ("Yellowhead") that it did not already own, in exchange for
17.3 million Taseko common shares.
Yellowhead holds a 100% interest in a copper-gold-silver
development project located in south-central British
Columbia. The project feasibility study dated July 31, 2014, proposed a 70,000 tonne per day
concentrator with total pre-production capital costs of
approximately $1 billion and an
average operating cost of US$1.46 per
pound of copper. Using US$3.00
per pound of copper, a Canadian/US dollar exchange rate of 0.80, an
8% discount rate and other assumptions from the 2014 feasibility
study results in a pre-tax net present value of $1.1 billion.
Since the acquisition, Taseko has restarted the environmental
review process for the Yellowhead Copper Project, and the Company's
technical team has commenced an engineering redesign of the project
to enhance economics with the objective of issuing a new 43-101
technical report by the end of 2019.
Aley Niobium
Environmental monitoring and product marketing initiatives on
the project continue. A drill program was completed in 2018 to
collect samples for further metallurgical testing. A pilot plant
scale program commenced in the second quarter on the currently
bench scale proven niobium flotation and converter processes. The
pilot plant will also provide final product samples for marketing
purposes. Aley project expenditures were $0.1 million in the first half of 2019.
New Prosperity
In June 2019, the Supreme Court of
Canada dismissed the Tsilhqot'in
First Nation application to appeal an earlier judgment by the BC
Supreme Court and by the British
Columbia Court of Appeal. These court rulings confirm
that the Company can proceed with the site investigation work that
was authorized by the Province of British
Columbia in July 2017. The approved work program is
investigative in nature and will gather hydrological and other
information required for the British Columbia Mines Act Permitting
process.
Note: Gibraltar is a
contractual, unincorporated joint venture between Taseko Mines
Limited (75% interest) and Cariboo Copper Corp. (25% interest). All
production and sales figures are reported on a 100% basis, unless
otherwise noted.
Taseko will host a
conference call on Thursday, August 8, 2019 at 11:00 a.m. Eastern
Time (8:00 a.m. Pacific) to discuss these results. The
conference call may be accessed by dialing (888) 390-0546 in
Canada and the United States, or (416) 764-8688 internationally.
Alternatively, a live and archived webcast will also be available
at tasekomines.com. The conference call will be archived for later
playback until August 22, 2019 and can be accessed by dialing (888)
390-0541 in Canada and the United States, or (416) 764-8677
internationally and using the passcode 190432.
|
Russell Hallbauer
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 and insurance recoverable. Site
operating costs is calculated by removing net changes in inventory,
depletion and amortization, insurance recoverable, 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
June
30,
|
Six months
ended
June
30,
|
(Cdn$ in thousands,
unless otherwise indicated) – 75% basis
|
2019
|
2018
|
2019
|
2018
|
Cost of
sales
|
98,013
|
75,961
|
172,742
|
141,376
|
Less:
|
|
|
|
|
Depletion and
amortization
|
(30,138)
|
(17,955)
|
(50,322)
|
(32,735)
|
Net change in
inventories of finished goods
|
3,989
|
(813)
|
8,035
|
154
|
Net change in
inventories of ore stockpiles
|
(540)
|
5,007
|
(413)
|
1,111
|
Transportation
costs
|
(4,630)
|
(4,529)
|
(7,918)
|
(7,358)
|
Insurance
recoverable
|
-
|
-
|
-
|
4,000
|
Site operating
costs
|
66,694
|
57,671
|
122,124
|
106,548
|
Less by-product
credits:
|
|
|
|
|
Molybdenum, net of
treatment costs
|
(7,243)
|
(3,830)
|
(15,062)
|
(8,839)
|
Silver, excluding
amortization of deferred revenue
|
(93)
|
(159)
|
(279)
|
(251)
|
Site operating costs,
net of by-product credits
|
59,358
|
53,682
|
106,783
|
97,458
|
Total copper produced
(thousand pounds)
|
26,020
|
25,120
|
44,661
|
42,265
|
Total costs per pound
produced
|
2.28
|
2.14
|
2.39
|
2.31
|
Average exchange rate
for the period (CAD/USD)
|
1.34
|
1.29
|
1.33
|
1.28
|
Site operating
costs, net of by-product credits
(US$ per pound)
|
1.71
|
1.66
|
1.79
|
1.80
|
Site operating costs,
net of by-product credits
|
59,358
|
53,682
|
106,783
|
97,458
|
Add off-property
costs:
|
|
|
|
|
Treatment and refining
costs
|
5,839
|
5,938
|
10,105
|
9,892
|
Transportation
costs
|
4,630
|
4,529
|
7,918
|
7,358
|
Total operating
costs
|
69,827
|
64,149
|
124,806
|
114,708
|
Total operating
costs (C1) (US$ per pound)
|
2.01
|
1.98
|
2.10
|
2.12
|
Adjusted net income (loss)
Adjusted net income (loss) remove the effect of the following
transactions from net income as reported under IFRS:
- Unrealized foreign currency gains/losses; and
- Unrealized gain/loss on copper put options.
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
June
30,
|
Six months
ended
June
30,
|
($ in thousands,
except per share amounts)
|
2019
|
2018
|
2019
|
2018
|
Net
loss
|
(11,012)
|
(4,671)
|
(18,943)
|
(23,152)
|
Unrealized foreign
exchange (gain) loss
|
(6,258)
|
7,729
|
(12,947)
|
16,061
|
Unrealized gain on
copper put options
|
(276)
|
(987)
|
-
|
(2,152)
|
Estimated tax effect
of adjustments
|
75
|
266
|
-
|
581
|
Adjusted net
income (loss)
|
(17,471)
|
2,337
|
(31,890)
|
(8,662)
|
Adjusted
EPS
|
(0.07)
|
0.01
|
(0.13)
|
(0.04)
|
Adjusted EBITDA
Adjusted EBITDA is presented as a supplemental measure of the
Company's performance and ability to service debt. Adjusted EBITDA
is frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in the industry,
many of which present Adjusted EBITDA when reporting their
results. Issuers of "high yield" securities also present
Adjusted EBITDA because investors, analysts and rating agencies
consider it useful in measuring the ability of those issuers to
meet debt service obligations.
Adjusted EBITDA represents net income before interest, income
taxes, and depreciation and also eliminates the impact of a number
of items that are not considered indicative of ongoing operating
performance. Certain items of expense are added and certain items
of income are deducted from net income that are not likely to recur
or are not indicative of the Company's underlying operating results
for the reporting periods presented or for future operating
performance and consist of:
- Unrealized foreign exchange gains/losses;
- Unrealized gain/loss on copper put options; and
- Share-based compensation.
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
($ in
thousands)
|
2019
|
2018
|
2019
|
2018
|
Net
loss
|
(11,012)
|
(4,671)
|
(18,943)
|
(23,152)
|
Add:
|
|
|
|
|
Depletion and
amortization
|
30,138
|
17,955
|
50,322
|
32,735
|
Finance
expense
|
10,048
|
9,733
|
19,790
|
19,044
|
Finance
income
|
(299)
|
(321)
|
(607)
|
(644)
|
Income tax expense
(recovery)
|
(8,125)
|
2,582
|
(14,941)
|
(1,496)
|
Unrealized foreign
exchange (gain) loss
|
(6,258)
|
7,729
|
(12,947)
|
16,061
|
Unrealized gain on
copper put options
|
(276)
|
(987)
|
-
|
(2,152)
|
Amortization of
share-based compensation expense
(recovery)
|
444
|
231
|
2,231
|
(608)
|
Adjusted
EBITDA
|
14,660
|
32,251
|
24,905
|
39,788
|
Earnings (loss) from mining operations before depletion and
amortization
Earnings (loss) 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
June 30,
|
Six months
ended
June 30,
|
(Cdn$ in
thousands)
|
2019
|
2018
|
2019
|
2018
|
Earnings (loss)
from mining operations
|
(11,492)
|
18,312
|
(15,947)
|
17,076
|
Add:
|
|
|
|
|
Depletion and
amortization
|
30,138
|
17,955
|
50,322
|
32,735
|
Earnings from
mining operations before depletion and
amortization
|
18,646
|
36,267
|
34,375
|
49,811
|
Site operating costs per ton milled
|
Three months
ended
June 30,
|
Six months
ended
June 30,
|
(Cdn$ in thousands,
except per ton milled amounts)
|
2019
|
2018
|
2019
|
2018
|
Site operating
costs (included in cost of sales)
|
66,694
|
57,671
|
122,124
|
106,548
|
|
|
|
|
|
Tons
milled (thousands) (75% basis)
|
5,794
|
5,592
|
10,890
|
11,225
|
Site operating
costs per ton milled
|
$11.51
|
$10.31
|
$11.21
|
$9.49
|
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.
Cautionary Statement on Forward-Looking Information
This discussion includes certain statements that may be deemed
"forward-looking statements". All statements in this
discussion, other than statements of historical facts, that address
future production, reserve potential, exploration drilling,
exploitation activities, and events or developments that the
Company expects are forward-looking statements. Although we
believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing and
general economic, market or business conditions. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking
statements. All of the forward-looking statements made in
this MD&A are qualified by these cautionary statements.
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
applicable law. Further information concerning risks and
uncertainties associated with these forward-looking statements and
our business may be found in our most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities.
View original
content:http://www.prnewswire.com/news-releases/taseko-reports-second-quarter-2019-financial-and-operational-results-300898390.html
SOURCE Taseko Mines Limited