Taseko Mines Ltd on Thursday said it swung to a loss during 2024 on lower production and rising costs, but said production at its Florence copper project is set to ‘dramatically improve’ its outlook.
The operator of the open-pit Gibraltar copper mine in British Columbia, Canada swung to a net loss of C$13.4 million, or $9.4 million, during 2024, from an income of C$82.7 million the year before.
Total operating costs per pound produced was $2.66 for the year, up 12% from $2.37 last year, which was ‘substantially attributed to lower production and less capitalised stripping costs’, Taseko said.
Revenue for the year rose 16% to C$608.1 million from C$525.0 million.
Taseko swung to a fourth-quarter loss of C$21.2 million from C$38.1 million in income last year, on revenue growth of 9.2% to C$167.8 million from C$153.7 million.
‘We had a strong finish to the year at Gibraltar and, with both concentrators operating well, the mine achieved a new record for quarterly mill throughput,’ said President & Chief Executive Officer Stuart McDonald.
‘With stable milling operations expected in 2025 we expect a significant improvement in annual production of copper and molybdenum, although we will see lower head grades in the first part of the year during a new pushback in the Connector pit. The refurbishment of the SX/EW plant is progressing on schedule and first cathode production at Gibraltar is anticipated in the second quarter.’
Taseko mined 88.3 million tonnes at the Gibraltar mine during the year, rising from 88.1 million tonnes the year before. It milled 29.3 million tonnes, down on-year from 30.0 million tonnes.
Copper production declined 14% to 105.6 million tonnes from 122.6 million tonnes.
McDonald continued: ‘Recent trends in global markets are benefitting Gibraltar as copper prices have risen 8% since the start of the year, and the Canadian dollar has weakened relative to the US dollar. Gibraltar’s cost structure will also benefit this year from copper offtake contracts at average TC/RCs of zero, higher by-product credits from increased molybdenum production, and lower oil prices. Our copper price protection at a minimum price of $4.00 per pound for all of 2025, provides additional downside protection.
‘We’re very excited about the year ahead as we’re now less than 12 months from first copper production at Florence Copper, which is going to dramatically improve our business outlook.’
Shares in Taseko Mines closed down 4.3% at C$2.90 in Toronto on Wednesday. The stock has risen 43% over the last twelve months.
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