Taseko delivers adjusted EBITDA of $108M, reduces net loss in 2020
(Kitco News) -Taseko Mines (TSX: TKO; NYSE American: TGB; LSE: TKO) reported Thursday its full-year 2020 earnings from mining operations before depletion and amortization of $119 million and adjusted EBITDA of $108 million.
The company said that cash flows from operations were $106.2 million, compared to $42.6 million in the prior year. For the year, the company had a net loss of $24 million, or $0.09 loss per share.
The Gibraltar mine operated continuously through the year and produced (on a 100% basis) 123.0 million pounds of copper, a 2% decline over 2019 (125.9 million pounds), and 2.3 million pounds of molybdenum, a 15% decline over 2019 (2.7 million pounds).
Gibraltar is expected to produce approximately 125 million pounds on a 100% basis in 2021, compared to 123 million pounds in 2020.
Headquartered in Vancouver, Taseko operates the Gibraltar mine, the second largest copper mine in Canada, with a nearly 700-person workforce producing an average of 140 million pounds of copper and 2.5 million pounds of molybdenum per year.
Taseko's wholly-owned Florence Copper, Yellowhead, and Aley projects are all advanced staged projects that provide the company with a diverse commodity pipeline.