Canadian Miner Taseko Mines Produced 27 Million Pounds of Copper in Q1, With Mining Revenue of US$115 Million

en.Wedoany.com Reported - Canadian mining company Taseko Mines has released its operating results for the first quarter of this year, showing a significant jump in EBITDA. The company sold 27 million pounds of copper and 708,000 pounds of molybdenum during the quarter, with mining revenue before depletion, amortization, and non-recurring items reaching US$115 million, a 195% increase compared to the same period last year; adjusted EBITDA was US$93 million, representing a year-over-year increase of 172%.

Net income for the same period was US$17 million, or US$0.05 per share; adjusted net income was US$28 million, equivalent to US$0.08 per share.

The Gibraltar Mine in British Columbia produced 30 million pounds of copper and 717,000 pounds of molybdenum during this period. This mine is the second-largest copper mine in Canada. Taseko's Florence Copper project in Arizona, USA, also commenced cathode copper production earlier this year, producing 1.5 million pounds of cathode copper in the first quarter.

The company confirmed that five drill rigs are currently operating simultaneously at Florence Copper, and with new acidified wells coming online, production is expected to increase further in the latter part of the second quarter. Taseko maintains its full-year cathode copper production estimate at between 30 million and 35 million pounds.

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