Taseko Mines posted a Q2 profit of $C17.4 million and net earning of C$45.4 million or C$0.24 per share as compared with a profit of C$16.7 million and earnings of C$11.4 million year over year.
?Revenue for the quarter was $56.5 million from the sale of Taseko?s 75% share of 21.1 million pounds of copper and 193,000 pounds of molybdenum at an average realized price of US$3.15 per pound for copper and US$16.67 per pound for molybdenum,? stated the press release.
The company also announced that it expects the final expansion of its Gibraltar Project in British Columbia to be completed by the end of 2010.
OTTAWA - The federal government said yesterday it won't allow Taseko Mines Ltd. to proceed with its Prosperity gold and copper project in British Columbia under its current plan because it would cause too much damage to the environment.
"The government of Canada has not granted authorization for the Prosperity project due to concerns about the significant adverse environmental effects of the project as proposed," Environment Minister Jim Prentice told reporters in Ottawa yesterday outside Parliament.
Taseko wanted federal approval to develop its Prosperity deposit, 125 kilometres southwest of Williams Lake.
The project would harm fish habitat, navigation and land use by native groups, the Canadian Environmental Assessment Agency panel said in recommendations to the government posted on its website in July.
Brian Battison, Taseko's vice-president of corporate affairs, didn't immediately return a telephone call seeking comment.
Taseko plunged $1.81, or 28%, to $4.67 yesterday immediately after the close of regular New York Stock Exchange trading. The shares had risen 54% this year through the close.
Mr. Prentice also said the government approved Thompson Creek Metals Co.'s Mt. Milligan copper and gold project near Prince George, B.C.
Mr. Prentice said the Mt. Milligan mine should serve as a model to other companies seeking approval under the country's environmental process.
OTTAWA -- Finance Minister JimFlaherty is downplaying allegations his government leaked a decision on a mining project, causing the company's share price to plummet two weeks before it was announced to the public.
Opposition parties are trying to link the government to news the B.C. Securities Commis-sion is looking into a mid-October plunge that saw the stock price of Taseko Mines drop 32%.
At the time, Taseko was wait-
ing for a federal decision on whether to let them go ahead with an open-pit copper and gold mine near Fish Lake, B.C.
Then-environment minister Jim Prentice announced the decision Nov. 2 and quit two days later to take a high-paying executive job at CIBC.
But Flaherty said he wasn't worried it was a leak that pre-cipitated trading in 30 million shares over several hours.
"I'm not concerned about it," Flaherty said. "All I know is that there was some fluctuation in a stock price. That happens quite often and when it does happen, the (securities) commissions are responsible for looking into why it did happen. Often there's a good explanation."
NDP deputy leader Thomas Mulcair said he was disturbed by the news.
"In the (Taseko Mines)annual report, their bankers are CIBC ... it might just be an unfortunate, in this case, coin-cidence, but it's a fact."
When asked whether he was saying Prentice leaked his deci-sion, Mulcair said he was "very careful" just to state facts.
: Taseko to build second mill at Gibraltar
DAILY NEWS Feb 16, 2011 5:00 PM COPPER PROCESSING: Taseko to build second mill at Gibraltar
BRITISH COLUMBIA -The board of Vancouver's Taseko Mines has approved spending to boost production by 30,000 t/d at its Gibraltar copper-molybdenum mine by building a second concentrator at the site. The original concentrator treats 55,000 t/d. Capital costs for the expansion are expected to be $235 million for the mill and a new moly recovery facility plus $90 million for new mining equipment. The company said the additional capacity will increase annual copper production at Gibraltar by 60 million lb to 180 million lb at life-of-mine average grade. Moly production will rise by more than 1.0 million lb/y. Taseko said it wants to move quickly to take advantage of record high copper prices. Construction will begin in early spring and commissioning is anticipated in Q4 2012. Go-ahead for the project also requires the co-operation of Taseko's 25% Gibraltar joint venture partner, Cariboo Copper Corp., and the parties are now in discussions to this end.
?The strong finish to 2016, after another challenging year for the copper sector, and the positive momentum so far in 2017 is very exciting for the Company. With the general market sentiment that higher prices should remain in 2017, combined with Gibraltar?s higher production and lower costs, we expect a very successful year ahead. With our improved balance sheet today plus increased cash flows we expect in 2017 we will be in a strong position to address our debt obligations, well in advance of the 2019 maturity dates,? concluded Mr. Hallbauer.