Agnico Eagle expands stake in First Nordic to 13%
First Nordic is finalizing its acquisition of the Oijärvi gold project in Finland.
Taseko Mines Limited announced on Thursday adjusted net earnings of $7.3 million, or $0.04 per share, compared to $0.8 million reported in the second quarter of 2010.
Highlights
— Operating profit1 was $11.8 million in the second quarter
compared to $12.8 million in the second quarter of 2010.
— The Company’s share of Gibraltar’s copper production and sales
volumes for the second quarter 2011 was 15.0 million lbs and
10.7 million lbs, respectively.
— Taseko’s 75% share of inventory at quarter end was 9.0 million
lbs of copper metal.
— Adjusted net earnings1 for the second quarter were $7.3
million, an increase over adjusted net earnings of $0.8 million
for the prior-year period.
— Total cash costs of production were US$2.32/lb. Higher costs
resulted from maintenance and consumable costs, a strengthened
Canadian dollar, combined with reduced metal production in the
quarter.
— The Company purchased put options for approximately 90% of its
75% share of Gibraltar’s 2012 copper production, ensuring a
minimum selling price of US$3.50/lb.
— Engineering, procurement and construction for Gibraltar
Development Plan 3 (“GDP3”) is well underway and the project is
on track for scheduled completion in December 2012.
— New Prosperity is expected to enter into the Federal
environmental review process shortly.
— Advancement of the Aley Niobium project continues, with a
completed feasibility study expected in 2012.
Russell Hallbauer, President and CEO of Taseko, remarked “Even with the volatility in the financial markets, Taseko remains positioned for growth. Not only are our near term projects fully financed, our hedging strategy ensures minimum price levels for the next 16 months.”
Mr. Hallbauer continued, “Our management team has been working diligently on numerous projects during the past three months; these projects will deliver significant value to our shareholders. GDP3 is well advanced, with all major mine and milling equipment secured, delivery dates set, and construction activity has commenced.
Initiatives at Aley will progress the project into an inferred resource shortly, with a feasibility study expected to be underway by the end of the year.
And finally, we have been working closely with the Federal and Provincial Governments and anticipate the New Prosperity Project to enter the Federal environmental review process shortly.”
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