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VANCOUVER, British Columbia - Taseko Mines (NYSE:TGB) Limited (TSX:TKO; NYSE American:TGB; LSE:TKO), the owner of the Gibraltar Mine, reported a net loss of $29 million for the first quarter of 2025. Despite the loss, the company highlighted an Adjusted EBITDA of $34 million and earnings from mining operations before depletion and amortization of $39 million.
The company’s revenue for the quarter was $139 million, generated from the sale of 22 million pounds of copper and 364 thousand pounds of molybdenum. However, the net loss stood at $29 million, equating to a $0.09 loss per share, and an adjusted net loss of $7 million, or $0.02 loss per share.
Gibraltar Mine’s production was 20 million pounds of copper and 336 thousand pounds of molybdenum, with total operating costs at US$2.26 per pound of copper produced. The mine experienced above design capacity mill throughput, averaging 87,800 tons per day, but faced challenges with lower than expected metallurgical recoveries from oxidized ore, impacting copper production.
Furthermore, Taseko reported that construction at Florence Copper is proceeding on schedule, with overall project completion reaching 78% by the end of March. The last two wells of the wellfield are set to be constructed in May, and the company anticipates commencing wellfield operations in the fall, with the first copper cathode production expected later in the year.
President and CEO Stuart McDonald expressed confidence in the project’s progress and the company’s operational plans. However, he also acknowledged that copper production for 2025 is expected to be approximately 10 million pounds lower than previously guided due to lower recoveries and delayed access to higher-grade ore.
The company also mentioned its financial position, with a cash balance of $121 million and available liquidity of $279 million, including an undrawn corporate revolving credit facility. Additionally, Taseko has secured a minimum copper price of US$4.00 per pound for 81 million pounds of its copper production for the remainder of the year.
This article is based on a press release statement from Taseko Mines Limited.
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