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 8, 2019 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE AMERICAN: TGB) ("Taseko" or the "Company") reports the
results for the three months ended March 31,
2019.
First quarter EBITDA* was $16.7
million and adjusted EBITDA of $10.2
million. The Company reported Earnings from mining
operations before depletion and amortization of $15.7 million and a net loss of $7.9 million, or $0.03 per share.
Russell Hallbauer, President and
CEO of Taseko, commented, "With a grade profile similar to 2018,
copper and molybdenum production are expected to increase through
2019 and our previously stated guidance remains unchanged at 130
million lbs +/-5%."
"Copper production in the first quarter was 25 million pounds,
similar to the first quarter 2018. Gibraltar mine sequencing on a quarterly basis
creates some grade variability, but year-over-year production will
be much more consistent. Site operating costs* of US$1.91/lb and site operating cost per ton
milled* of $10.88 remain within our
expectations and should decline as production increases," continued
Mr. Hallbauer.
Mr. Hallbauer added, "Metal recoveries for both copper and
molybdenum were excellent considering the lower copper head
grade. Molybdenum production was up nearly 70% from the first
quarter 2018, to 738,000 pounds. With moly prices stable at
approximately US$12 per pound, we
recorded a by-product credit of US$0.32 per pound, the highest in a number of
years.
As was experienced throughout Western
Canada in the quarter, severe winter weather affected all
aspects of our Gibraltar
operation, from shovel availabilities through to waste stripping
and ore release. This, in combination with harder ore in the
current Granite Pit pushback, reduced average mill throughput to
76,000 tons per day, which affected both copper and molybdenum
production. Those issues are now behind us and we are back to
normal throughput, with increasing head grade."
"We made great progress at our Florence Copper project.
Wellfield operations commenced late last year and after
approximately three months of initial leaching, the copper leach
solution was introduced to the SX/EW plant. By the middle of
April, the plant was producing high quality copper cathode which
was assayed at +99.9% copper. While we have always been confident
with the process, it is fair to say that our expectations were
surpassed in producing such high quality copper so quickly after
wellfield start-up," added Mr. Hallbauer.
*Non-GAAP performance
measure. See end of news release.
|
Going forward the Company will be focusing on three key
areas:
- The amendment to the operating permits for commercial
operation;
- Optimization of the leach process; and
- Completion of a financing package for the commercial facility
build out.
"A number of years ago, the decision was made to include a test
phase to the project development plan. The permits that are
currently in place only need to be amended for commercial scale-up.
The advantage of operating the test facility is to have real
operational data to provide to the state and federal regulators.
This data is proof of performance and reliability, as opposed to
theoretical predictions, and is constantly shared with regulators.
This data will support a seamless and expedited amendment process
which will be commencing in the coming weeks.
The success we are having with both the quantity and quality of
cathode being produced is a major step in de-risking the project
and creating many different financing opportunities for Taseko. The
interest to participate in the future of one of the lowest cost
copper producers in the world cannot be understated. The economics
of the project are very compelling for all types of finance
providers and we believe we can successfully arrange an attractive
financing package," concluded Mr. Hallbauer.
First Quarter Review
- First quarter earnings from mining operations before depletion
and amortization* were $15.7 million,
and Adjusted EBITDA was $10.2
million;
- Net loss was $7.9 million
($0.03 per share) and includes an
unrealized foreign exchange gain of $6.7
million. Adjusted net loss* was $14.4
million ($0.06 per
share);
- Cash flow from operations was $7.2
million;
- Copper production in the first quarter was 24.9 million pounds
and copper sales were 23.3 million pounds (100% basis);
- Molybdenum production was 738 thousand pounds, a 67% increase
over the first quarter of 2018, due to strong operating performance
in the molybdenum plant.
- Site operating costs, net of by-product credits* were
US$1.91 per pound produced and Total
operating costs (C1)* were US$2.21
per pound produced;
- In April 2019, the Company
announced first copper production from the test facility at the
Florence Copper project. The first harvest resulted in 3,700 pounds
of copper cathode, which was assayed at higher than 99.9%
copper;
- The Company closed its acquisition of Yellowhead Mining Inc.
("Yellowhead") on February 15,
2019. The environmental review process for the Yellowhead
Project has been restarted, and Taseko's technical team is working
on a number of engineering initiatives to improve the project
economics with the objective of issuing a new 43-101 technical
report by the end of 2019; and
- The Company's cash balance at March 31,
2019 was $34.5 million.
Subsequent to the first quarter, the Company entered into an
equipment loan, secured on existing mine equipment, and received
net proceeds of $12.5 million.
*Non-GAAP performance
measure. See end of news release.
|
HIGHLIGHTS
Financial
Data
|
Three months ended
March 31,
|
(Cdn$ in thousands,
except for per share amounts)
|
2019
|
2018
|
Change
|
Revenues
|
70,274
|
64,179
|
6,095
|
Earnings from mining
operations before depletion and amortization*
|
15,729
|
13,544
|
2,185
|
Loss from mining
operations
|
(4,455)
|
(1,236)
|
(3,219)
|
Net loss
|
(7,931)
|
(18,481)
|
10,550
|
Per share - basic
("EPS")
|
(0.03)
|
(0.08)
|
0.05
|
Adjusted net
loss*
|
(14,419)
|
(10,999)
|
(3,420)
|
Per share - basic
("adjusted EPS")*
|
(0.06)
|
(0.05)
|
(0.01)
|
EBITDA*
|
16,658
|
370
|
16,288
|
Adjusted
EBITDA*
|
10,245
|
7,537
|
2,708
|
Cash flows provided
by operations
|
7,191
|
11,556
|
(4,365)
|
Operating Data
(Gibraltar - 100% basis)
|
Three months ended
March 31,
|
|
2019
|
2018
|
Change
|
Tons mined
(millions)
|
23.3
|
26.7
|
(3.4)
|
Tons milled
(millions)
|
6.8
|
7.5
|
(0.7)
|
Production (million
pounds Cu)
|
24.9
|
22.9
|
2.0
|
Sales (million pounds
Cu)
|
23.3
|
22.8
|
0.5
|
|
*Non-GAAP performance
measure. See end of news release.
|
REVIEW OF OPERATIONS
Gibraltar Mine (75% Owned)
Operating data
(100% basis)
|
Q1
2019
|
Q4
2018
|
Q3
2018
|
Q2
2018
|
Q1
2018
|
Tons mined
(millions)
|
23.3
|
28.4
|
29.0
|
27.4
|
26.7
|
Tons milled
(millions)
|
6.8
|
7.1
|
8.0
|
7.5
|
7.5
|
Strip
ratio
|
3.2
|
5.1
|
1.7
|
1.9
|
4.1
|
Site operating cost
per ton milled (CAD$)*
|
$10.88
|
$9.16
|
$10.60
|
$10.31
|
$8.68
|
Copper
concentrate
|
|
|
|
|
|
Head grade
(%)
|
0.216
|
0.222
|
0.314
|
0.263
|
0.201
|
Copper recovery
(%)
|
84.6
|
81.3
|
85.9
|
85.3
|
75.7
|
Production (million
pounds Cu)
|
24.9
|
25.8
|
43.0
|
33.5
|
22.9
|
Sales (million pounds
Cu)
|
23.3
|
42.7
|
28.8
|
32.2
|
22.8
|
Inventory (million
pounds Cu)
|
3.1
|
1.6
|
18.5
|
4.2
|
2.9
|
Molybdenum
concentrate
|
|
|
|
|
|
Production (thousand
pounds Mo)
|
738
|
727
|
690
|
506
|
443
|
Sales (thousand pounds
Mo)
|
770
|
738
|
709
|
424
|
433
|
Per unit data (US$
per pound produced)*
|
|
|
|
|
|
Site operating
costs*
|
$2.23
|
$1.92
|
$1.50
|
$1.78
|
$2.25
|
By-product
credits*
|
(0.32)
|
(0.30)
|
(0.16)
|
(0.12)
|
(0.23)
|
Site operating costs,
net of by-product credits*
|
$1.91
|
$1.62
|
$1.34
|
$1.66
|
$2.02
|
Off-property
costs
|
0.30
|
0.49
|
0.24
|
0.32
|
0.31
|
Total operating costs
(C1)*
|
$2.21
|
$2.11
|
$1.58
|
$1.98
|
$2.33
|
OPERATIONS ANALYSIS
First Quarter Operating Results
Copper production in the first quarter was 24.9 million
pounds. Copper grade for the quarter averaged 0.216%, which
was in line with management expectations and the mine plan, and
approximately 15% below the life of mine average grade.
Production was also affected by lower than planned mill throughput
as a result of harder ore.
A total of 23.3 million tons were mined during the period, which
was below plan due an extended period of extremely cold weather and
unplanned mechanical issues which impacted shovel
availability. The strip ratio for the first quarter was 3.2
to 1, and mill feed was supplemented with 1.2 million tons of ore
drawn from the stockpile.
Site operating cost per ton milled* was $10.88 in the first quarter of 2019. In
addition, capitalized stripping costs totaled $8.0 million (75% basis), or $1.57 per ton milled.
Total site spending (including capitalized stripping costs) was
7% lower than the previous quarter. However, site operating
costs per pound produced* increased to US$2.23 from US$1.92 in the previous quarter, as a smaller
portion of costs were allocated to capitalized stripping in the
current period.
Molybdenum production was 738 thousand pounds in the first
quarter, a result of continued strong molybdenum plant operating
performance. By-product credits per pound of copper produced*
increased to US$0.32 in the first
quarter from US$0.30 in the previous
quarter.
Off-property costs per pound produced* were US$0.30 for the first quarter of 2019.
Off-property costs consist of concentrate treatment, refining and
transportation costs, and these costs are in line with recent
quarters.
*Non-GAAP performance
measure. See end of news release.
|
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 as in 2018. 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.
Florence Copper
Wellfield operations at the Production Test Facility ("PTF")
commenced in the fourth quarter of 2018. During the
first quarter of 2019, concentrations of copper in the leach
solution increased to levels which allowed the SX/EW plant to begin
operation, and on April
12th the Company announced that the SX/EW plant
was producing first copper.
The initial leaching period has taken approximately three months
which was in line with expectations. The proportion of ore
contacted underground with leach solution (known as "Sweep
Efficiency") has been encouraging to-date. The Company's modelling
predicted a 55% Sweep Efficiency after the first year of leaching
and that level was achieved after the first three months.
*Non-GAAP performance
measure. See end of news release.
|
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 designs 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. The permit amendment process has started and it is
anticipated that construction of the commercial scale operation
could be commenced in the first half of 2020.
The estimated capital cost of the commercial scale operation is
US$204 million and the Company has
begun initial discussions to advance project financing
options from a variety of sources including debt providers,
royalty companies, and potential joint venture partners.
Management is encouraged by the expressions of interest from all
potential sources to date, and is targeting to have committed
funding in place before the end of the year.
Total expenditures at the Florence Project in the first quarter
of 2019 were $3.3 million which
includes PTF operation and other project development costs.
Yellowhead Copper
On December 4, 2018, the Company
entered into an agreement to acquire 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. The
transaction was structured as a plan of arrangement pursuant to the
Business Corporations Act (British
Columbia) and required the approval of the Supreme Court of
British Columbia and Yellowhead
shareholders. All approvals were received and the transaction
closed on February 15,
2019.
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 closing of the acquisition, Taseko has restarted the
environmental review process for the Yellowhead Copper Project, and
the Company's technical team has commenced work on a number of
engineering initiatives to improve the project economics with the
objective of issuing a new 43-101 technical report by the end of
2019.
Aley Niobium
Environmental monitoring on the project continues and product
marketing initiatives are underway. A drill program was completed
in the third quarter of 2018 to collect samples for further
metallurgical testing. Aley project expenditures were $0.1 million in the first quarter of 2019.
The Company will host
a telephone conference call and live webcast on Thursday, May 9,
2019 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss
these results. After opening remarks by management, there
will be a question and answer session open to analysts and
investors. The conference call may be accessed by dialing (888)
390-0546 in Canada and the United States, or (416) 764-8688
internationally. The conference call will be archived for later
playback until May 16, 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 676442.
|
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 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
March 31,
|
(Cdn$ in thousands,
unless otherwise indicated) – 75% basis
|
2019
|
2018
|
Cost of
sales
|
74,729
|
65,415
|
Less:
|
|
|
Depletion and
amortization
|
(20,184)
|
(14,780)
|
Net change in
inventories of finished goods
|
4,046
|
967
|
Net change in
inventories of ore stockpiles
|
127
|
(3,896)
|
Transportation
costs
|
(3,288)
|
(2,829)
|
Insurance
recovery
|
-
|
4,000
|
Site operating
costs
|
55,430
|
48,877
|
Less by-product
credits:
|
|
|
Molybdenum, net of
treatment costs
|
(7,819)
|
(5,009)
|
Silver, excluding
amortization of deferred revenue
|
(186)
|
(92)
|
Site operating costs,
net of by-product credits
|
47,425
|
43,776
|
Total copper produced
(thousand pounds)
|
18,641
|
17,145
|
Total costs per pound
produced
|
2.54
|
2.55
|
Average exchange rate
for the period (CAD/USD)
|
1.33
|
1.26
|
Site operating
costs, net of by-product credits (US$ per pound)
|
1.91
|
2.02
|
Site operating costs,
net of by-product credits
|
47,425
|
43,776
|
Add off-property
costs:
|
|
|
Treatment and refining
costs
|
4,266
|
3,954
|
Transportation
costs
|
3,288
|
2,829
|
Total operating
costs
|
54,979
|
50,559
|
Total operating
costs (C1) (US$ per pound)
|
2.21
|
2.33
|
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
March 31,
|
($ in thousands,
except per share amounts)
|
2019
|
2018
|
Net
loss
|
(7,931)
|
(18,481)
|
Unrealized foreign
exchange (gain) loss
|
(6,689)
|
8,332
|
Unrealized (gain) loss
on copper put options
|
276
|
(1,165)
|
Estimated tax effect
of adjustments
|
(75)
|
315
|
Adjusted net
loss
|
(14,419)
|
(10,999)
|
Adjusted
EPS
|
(0.06)
|
(0.05)
|
EBITDA and Adjusted EBITDA
EBITDA represents net income 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 foreign exchange gains/losses;
- Unrealized gain/loss on copper put options.
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, and unrealized 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)
|
2019
|
2018
|
Net
loss
|
(7,931)
|
(18,481)
|
Add:
|
|
|
Depletion and
amortization
|
20,184
|
14,780
|
Amortization of
share-based compensation expense (recovery)
|
1,787
|
(839)
|
Finance
expense
|
9,742
|
9,311
|
Finance
income
|
(308)
|
(323)
|
Income tax
recovery
|
(6,816)
|
(4,078)
|
EBITDA
|
16,658
|
370
|
Adjustments:
|
|
|
Unrealized foreign
exchange (gain) loss
|
(6,689)
|
8,332
|
Unrealized loss (gain)
on copper put options
|
276
|
(1,165)
|
Adjusted
EBITDA
|
10,245
|
7,537
|
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)
|
2019
|
2018
|
Loss from mining
operations
|
(4,455)
|
(1,236)
|
Add:
|
|
|
Depletion and
amortization
|
20,184
|
14,780
|
Earnings from
mining operations before depletion and amortization
|
15,729
|
13,544
|
Site operating costs per ton milled
|
Three months ended
March 31,
|
(Cdn$ in thousands,
except per ton milled amounts)
|
2019
|
2018
|
Site operating
costs (included in cost of sales)
|
55,430
|
48,877
|
|
|
|
Tons milled
(thousands) (75% basis)
|
5,096
|
5,633
|
Site operating
costs per ton milled
|
$10.88
|
$8.68
|
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.
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SOURCE Taseko Mines Limited