- Taseko Talks
March 29, 2021
March 29, 2021, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) announces that it has recently extended its copper price protection strategy by purchasing put options covering 41 million pounds of copper at a strike price of US$3.75 per pound for the second half of this year. The price protection now in place for the next nine months should secure a minimum operating margin of approximately C$165 million* for 2021.
Stuart McDonald, President of Taseko, commented, “With the uncertainty in the world today around the impacts of Covid-19, and ongoing volatility in metal markets caused by a number of global economic and political issues, we felt that it was prudent to extend our price protection strategy. Protecting a significant operating margin in 2021 allows the Company to focus on and advance near-term capital growth plans related to our Florence Copper Project, and also fund ongoing Environmental Assessment work at our Yellowhead Project. This approach to managing copper price volatility does not cap our cash flow should copper prices continue to rise, as many of the world’s largest banks and trading entities are indicating could occur.”
“Taseko’s experienced senior management team, many of whom have been involved with and observed the base metals business for over 40 years, has been consistent in managing the financial performance of the Company. The team’s decisions have held the Company in good stead over the past decade and protected shareholder value at all points of the copper price cycle, and we will continue to protect against downside risks while positioning the Company for success in a strong copper market in the years ahead,” concluded Mr. McDonald.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533
Chief Executive Officer and Director
No regulatory authority has approved or disapproved of the information contained in this news release.
*Estimate based on actual Q1 copper prices to-date, current foreign exchange rates and forecasted production, operating costs for the remainder of 2021.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to: