Make Kitco Your Homepage

Taseko delivers adjusted EBITDA of $108M, reduces net loss in 2020

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.