March 25, 2015
This release should be read with the Company’s Financial Statements and Management Discussion & Analysis (“MD&A”), available at www.tasekomines.com and filed on www.sedar.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko’s 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated. |
March 25, 2015, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (“Taseko” or the “Company”) reports the results for the year ended December 31, 2014.
Fourth Quarter & 2014 Highlights
Mr. Hallbauer continued, “Metal production and metal prices are key to our business and to be impacted by both at the same time is challenging. During the financial crisis of 2008/09 we successfully modified our operation to deal with copper below US$1.50 per pound. We are taking similar steps to deal with lower copper grades and copper price as we mine our way back to average life of mine head grades, a process we began six months ago. We have reduced our workforce and adjusted the mine plan and believe by the end of the second quarter, as the copper grade improves, we will have operating costs approaching US$2.00 per pound. With 75% of our costs denominated in Canadian dollars, the weakness of the Canadian dollar has helped the Company deal with the adversity we faced in the second half of 2014 and into 2015. The one-time costs of nearly $40 million over this period are now behind us and with the mine stabilized, we are well positioned for the second half of 2015 and beyond.”
“Copper grade, until very recently, remained at a level similar to the fourth quarter 2014, averaging 0.22% in January and February. As of this week, we began accessing higher grade ore and expect an average grade of 0.24% in March. First quarter copper production is anticipated to be approximately 28-29 million pounds. For the balance of 2015, copper grades are forecasted to fluctuate in a range of 0.25%-0.28%. Based on forecasted grades, we expect to produce 130-140 million pounds of copper in 2015 (100% basis). Beyond this year, our engineering team is working on a long range mine plan which is focussed on optimizing cut-off grade with strip ratio. Early indications show that a reduced cut-off grade results in a significantly lower strip ratio, as well as a large increase to ore tons and recoverable pounds of copper. We expect this study to be completed by the summer,” added Mr. Hallbauer.
“In September, the project description for our Aley Niobium Project was submitted to the BC Environmental Assessment Office (BCEAO) and to the Canadian Environmental Assessment Agency. The Federal Minister of Environment granted substitution of the environmental assessment to British Columbia, giving oversight and responsibility of the environmental assessment process to the BCEAO. Most work related to Aley in 2015 will be directly related to the environmental assessment process.”
Mr. Hallbauer concluded, “The acquisition of Curis Resources Ltd., and its wholly owned Florence Copper Project, was completed in November 2014. Florence Copper, an in-situ copper deposit located in Arizona, provides the company with an advanced stage, near-term growth opportunity. The project is in the permitting phase for a pilot test facility, with only two outstanding permits remaining. In December 2014, a draft Underground Injection Control Permit was issued by the Environmental Protection Agency and is now in a public comment period. We expect both final permits to be issued in the middle of the year.”
HIGHLIGHTS
Financial Data | Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, except for per share amounts) | 2014 | 2013 | Change | 2014 | 2013 | Change |
Revenues | 65,179 | 94,916 | (29,737) | 371,196 | 290,056 | 81,140 |
Earnings (loss) from mining operations before depletion and amortization* | (916) | 24,969 | (25,885) | 52,265 | 77,000 | (24,735) |
Earnings (loss) from mining operations | (11,164) | 15,285 | (26,449) | 5,102 | 42,933 | (37,831) |
Net earnings (loss) | (26,427) | (9,756) | (16,671) | (53,884) | (34,839) | (19,045) |
Per share - basic (“EPS”) | (0.13) | (0.05) | (0.08) | (0.27) | (0.18) | (0.09) |
Adjusted net earnings (loss)* | (20,983) | 834 | (21,817) | (37,086) | (14,027) | (23,059) |
Per share - basic (“adjusted EPS”) * | (0.10) | (0.00) | (0.10) | (0.19) | (0.07) | (0.12) |
EBITDA * | (13,397) | 11,515 | (24,912) | 11,649 | 24,193 | (12,544) |
Adjusted EBITDA * | (8,355) | 17,362 | (25,717) | 27,841 | 43,670 | (15,829) |
Cash flows provided by (used for) operations | (8,648) | 32,791 | (41,439) | 50,570 | 67,587 | (17,017) |
Operating Data (Gibraltar - 100% basis) | Three months ended December 31, |
Year ended December 31, |
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2014 | 2013 | Change | 2014 | 2013 | Change |
Tons mined (millions) | 25.1 | 21.5 | 3.6 | 113.8 | 89.4 | 24.4 |
Tons milled (millions) | 7.6 | 7.6 | 0.0 | 30.2 | 24.5 | 5.7 |
Production (million pounds Cu) | 28.1 | 33.5 | (5.4) | 136.5 | 121.4 | 15.1 |
Sales (million pounds Cu) | 26.5 | 37.0 | (10.5) | 143.4 | 113.8 | 29.5 |
Annual Highlights
Gibraltar mine (75% Owned)
Operating results in the following table are presented on a 100% basis.
Operating Data (100% basis) | YE 2014 | YE 2013 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 |
Tons mined (millions) | 113.8 | 89.4 | 25.1 | 32.5 | 30.2 | 25.9 | 21.5 |
Tons milled (millions) | 30.2 | 24.5 | 7.6 | 7.8 | 7.7 | 7.0 | 7.6 |
Strip ratio | 3.0 | 3.2 | 3.1 | 3.0 | 3.1 | 2.8 | 3.9 |
Site operating cost per ton milled (CAD) | $11.38 | $10.35 | $10.13 | $12.10 | $11.42 | $11.91 | $8.69 |
Copper concentrate |
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Grade (%) | 0.265 | 0.293 | 0.222 | 0.267 | 0.285 | 0.290 | 0.270 |
Recovery (%) | 83.6 | 84.4 | 81.3 | 83.3 | 85.3 | 84.6 | 81.7 |
Production (million pounds Cu) | 134.4 | 121.4 | 27.7 | 34.5 | 37.6 | 34.5 | 33.5 |
Sales (million pounds Cu) | 141.3 | 113.8 | 26.0 | 37.1 | 38.1 | 40.0 | 37.0 |
Inventory (million pounds Cu) | 3.2 | 10.1 | 3.2 | 1.4 | 3.9 | 4.4 | 10.1 |
Copper cathode |
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Production (million pounds) | 2.1 | - | 0.4 | 0.9 | 0.9 | - | - |
Sales (million pounds) | 2.1 | - | 0.5 | 1.0 | 0.6 | - | - |
Molybdenum concentrate |
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Grade (%) | 0.010 | 0.011 | 0.008 | 0.011 | 0.011 | 0.009 | 0.010 |
Recovery (%) | 40.0 | 27.1 | 38.8 | 38.0 | 41.4 | 42.5 | 34.8 |
Production (thousand pounds Mo) | 2,332 | 1,452 | 445 | 654 | 667 | 566 | 480 |
Sales (thousand pounds Mo) | 2,509 | 1,263 | 481 | 708 | 731 | 589 | 499 |
Per unit data (US$ per pound) * |
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Operating costs of production* | $2.32 | $2.03 | $2.43 | $2.60 | $2.11 | $2.19 | $1.88 |
By-product credits * | (0.24) | (0.14) | (0.11) | (0.25) | (0.35) | (0.21) | (0.18) |
Net operating costs of production * | $2.08 | $1.89 | $2.32 | $2.35 | $1.76 | $1.98 | $1.70 |
Off-property costs | 0.42 | 0.38 | 0.45 | 0.40 | 0.36 | 0.50 | 0.44 |
Total operating costs * | $2.50 | $2.27 | $2.77 | $2.75 | $2.12 | $2.48 | $2.14 |
OPERATIONS ANALYSIS
Full-year results
2014 represented the first full year of operations for concentrator #2 at Gibraltar, which completed commissioning in March 2013. During 2014 Gibraltar milled 30.2 million tons of ore, a 23% increase over the tons milled in 2013. In 2014, Gibraltar mined 113.8 million tons of material which was lower than planned due to shovel availability issues, although still a 27% increase over tons mined in 2013. In the third quarter of 2014, mining operations were impacted by pit wall stability in the Granite Pit which resulted in the need to alter the short-term mine sequence, and defer the planned mining of higher grade ore in the second half of 2014. Average head grade in the first half of 2014 was 0.29% compared to 0.24% in the second half of the year. Lower head grades also negatively impacted copper recoveries in the second half of 2014.
Copper in concentrate production in 2014 was 134.4 million pounds, an increase of 11% over 2013 copper production of 121.4 million pounds. Molybdenum production during 2014 was 2.3 million pounds, an increase of 61% over 2013. The increase in molybdenum production is due to the new molybdenum plant operating for all of 2014.
Copper cathode production in 2014 was 2.1 million pounds; Gibraltar’s SX/EW plant was idle in 2013.
In 2014, net operating cash costs per pound of copper produced was US$2.08, an 11% increase over the US$1.89 averaged during 2013. The increase in net operating cash costs in 2014 was primarily driven by lower head grade, decreased shovel availability due to maintenance and operating contract mining equipment in the second half of the year as a result of the pit wall stability issue in the Granite Pit requiring a short term alternative mine sequence. In order to execute the alternate mine sequence a contractor, with equipment already on site, was deployed to the lower section of Granite Pit in the third quarter along with the Company’s own equipment. Gibraltar also completed a $16.2 million shovel fleet maintenance program in 2014 which amounted to US$0.13 per pound to unit costs.
Off-property costs, including transportation, treatment and refining charges, for 2014 were US$0.42 per pound produced, compared to US$0.38 per pound produced in 2013. Off property costs are driven by sales volumes, and therefore off-property costs per pound produced fluctuates based on differences between production and sales volumes.
The total operating costs, including off-property costs, for 2014 were US$2.50 per pound produced, compared to US$2.27 per pound in 2013.
Fourth quarter results
The Gibraltar concentrators operated at design capacity in the fourth quarter of 2014. Total mill throughput for the fourth quarter was 7.6 million tons, consistent with the same quarter in 2013. Total copper production for the quarter was 27.7 million pounds, a 17% decrease from the fourth quarter of 2013.
Fourth quarter copper production was impacted by a 17% decrease in copper head grade due to the alternate mine sequence that was implemented in the third quarter of 2014. Lower head grade ore negatively impacts copper recoveries.
A total of 25.1 million tons were mined in the fourth quarter, a 16% increase over the fourth quarter of 2013.
Molybdenum production for the fourth quarter of 2014 was 445,000 pounds, a 7% decrease over the fourth quarter of 2013. Molybdenum recoveries were 39% for the fourth quarter as a result of lower molybdenum head grade.
In the fourth quarter of 2014, net operating costs per pound of copper produced were US$2.32, a 37% increase over the US$1.70 per pound in the previous year’s quarter. This increase in unit costs was primarily driven by lower head grade. Fourth quarter operating costs were also impacted by a planned $4.7 million shovel overhaul expenditure which contributed US$0.19 per pound to net operating costs per pound. By-product credits were lower than the previous year’s quarter due to the decline in both the molybdenum price and production levels.
Off-property costs, including transportation, treatment and refining charges, for the fourth quarter of 2014 were US$0.45 per pound produced, compared to US$0.44 per pound produced in the fourth quarter of 2013. Off-property costs are driven by sales volumes, and therefore off property costs per pound produced fluctuates based on differences between production and sales volumes.
GIBRALTAR OUTLOOK
Management expects Gibraltar’s total operating costs per pound to be lower in the future, for the following reasons:
REVIEW OF PROJECTS
Florence Copper project
The Company acquired a 100% interest in the Florence Copper project though the acquisition of Curis Resources Ltd. which was completed on November 20, 2014 (see section below “Acquisition of Curis Resources Ltd.”) The Florence Copper Project is an in-situ copper recovery and solvent extraction/electrowinning project located near the town of Florence in central Arizona, USA. The project is currently in the final stages of permitting for the Phase 1 Production Test Facility (“PTF”). The PTF includes a 24-well in-situ recovery well field and solvent extraction/electrowinning plant that will produce copper cathode. The PTF is designed to demonstrate the science and safety of the in-situ process. Concurrently, the Company is advancing engineering, test work, environmental studies and permitting for commercial operations.
The Temporary Aquifer Protection Permit (“APP”) for the PTF issued in July 2013 by the Arizona Department of Environmental Quality (“ADEQ”) was subject to an appeal. As a result of the appeal an amendment will be submitted in March 2015 and issuance of the amended APP is now anticipated during the second quarter of 2015. In December the Company announced the receipt of a draft Underground Injection Control (UIC) permit from the U.S. Environmental Protection Agency (EPA). The UIC permit regulates the construction and operation of Florence Copper’s injection wells at the site and is the final regulatory milestone required by the Company to construct and operate the PTF. The public hearing for the draft permit was held on January 22, 2015 and the comment period was extended to April, 2015. The Company expects the UIC permit to be issued by mid-2015.
Aley project
In October 2014 the Company filed a 43-101 compliant technical report for the Aley project showing proven and probable reserves of 84 million tonnes grading 0.50% Nb2O5 for its 100%-owned Aley Niobium Project.
0.30% Nb2O5 Cut-off
Category | Tonnes (millions) |
Grade % Nb2O5 |
Proven | 44.3 | 0.52 |
Probable | 39.5 | 0.48 |
Total | 83.8 | 0.50 |
Highlights of the project, as outlined in the NI43-101 Technical Report, include:
On October 9, the Canadian Environmental Assessment Agency confirmed acceptance of the Project Description for the Aley Niobium Project.
On November 24, 2014 CEAA determined that a federal environmental assessment was required, issued a Notice of Commencement, and approved BC’s request for Substitution under the Canadian Environmental Assessment Act (CEAA) 2012. The EAO will conduct the assessment and Aboriginal consultation on behalf of the Federal government. At the end of the environmental assessment review, EAO will issue a report to both the Provincial and Federal Ministers for a decision.
The EAO issued to Taseko a Section 11 Order under the Environmental Assessment Act on December 31, 2014. This Order describes the Scope of the Project subject to the environmental assessment, identifies the Aboriginal Groups requiring consultation, and directs Taseko to draft Application Information Requirements (AIR) for the environmental assessment application. Taseko is currently preparing the draft AIR.
*The Mineral Reserves are a subset of the Mineral Resources reported in the March 29, 2012 Technical Report, “Technical Report, Aley Carbonatite Niobium Project”, prepared by Ronald G. Simpson, P.Geo and a Qualified Person under National Instrument 43-101.
The mine plan, mine related costing, and tailings and water management design was supervised and reviewed by Greg Yelland, P.Eng., Chief Engineer for Taseko and a Qualified Person under National Instrument 43-101. Metallurgical and converter test work was supervised and reviewed by Keith Merriam, P.Eng., Manager, Process Engineering for Taseko and a Qualified Person under National Instrument 43-101.
Process and plant design work was done in accordance with design criteria derived from metallurgical and pyrometallurgical test work under the supervision of Rob Rotzinger, P.Eng. Vice-President Capital Projects for Taseko and a Qualified Person under National Instrument 43-101.
The reserve estimation was reviewed by Scott Jones, P.Eng., Vice-President Engineering for Taseko and a Qualified Person under National Instrument 43-101. Mr Jones has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation.
New Prosperity project
On February 26, 2014 the Government of Canada announced its decision to not issue the authorizations necessary for the New Prosperity project to proceed. In the wake of this decision, Taseko initiated legal proceedings in the form of two separate judicial reviews which challenge the decision and the process by which the decision was reached. In August 2014, the Company applied to the Federal Court to convert both judicial reviews into a civil action for damages. The motion was heard on October 22, 2014. No decision has been rendered.
Taseko will host a conference call on Thursday, March 26, 2015 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results. The conference call may be accessed by dialing (877) 303-9079 in Canada and the United States, or (970) 315-0461 internationally. Alternatively, a live and archived webcast will also be available at tasekomines.com. The conference call will be archived for later playback until April 2, 2014 and can be accessed by dialing (855) 859-2056 in Canada and the United States, or (404) 537-3406 internationally and using the passcode 80839398. |
For further information contact: Brian Bergot, Investor Relations - 778-373-4554, toll free 1-800-667-2114
Russell Hallbauer
President and CEO
NON-GAAP PERFORMANCE MEASURES
This document includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS measures, to enhance their understanding of the Company’s performance. These measures have been derived from the Company’s financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measure.
Net operating costs of production
Total costs of sales include all costs absorbed into inventory, as well as treatment and refining costs and transportation costs. Operating costs of production is calculated by removing net changes in inventory and depletion and amortization from cost of sales. Net operating costs of production is calculated by removing by-product credits and offsite costs from the operating costs of production. Net operating costs of production per pound are calculated by dividing the aggregate of the applicable costs by copper pounds produced. Total operating costs per pound is the sum of net operating costs of production and offsite costs divided by the copper pounds produced. By-product credits are calculated based on actual sales of molybdenum and silver during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.
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Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, unless otherwise indicated) - 75% basis | 2014 | 2013 | 2014 | 2013 |
Cost of sales | 76,343 | 79,631 | 366,094 | 247,123 |
Less Depletion and amortization | (10,248) | (9,684) | (47,163) | (34,067) |
Net change in inventory | 2,771 | (8,902) | (14,105) | 12,540 |
Operating costs of production | 68,866 | 61,045 | 304,826 | 225,596 |
Less by-product credits: |
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Molybdenum | (2,113) | (3,819) | (23,120) | (9,550) |
Silver | (503) | (946) | (3,446) | (3,382) |
Less offsite costs: |
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Treatment and refining costs | (6,906) | (6,120) | (28,250) | (17,291) |
Transportation costs | (3,764) | (5,512) | (18,805) | (18,029) |
Net operating costs of production | 55,580 | 44,648 | 231,205 | 177,344 |
Total copper produced (thousand pounds) | 21,050 | 25,136 | 100,793 | 91,110 |
Total costs per pound produced | 2.64 | 1.78 | 2.29 | 1.95 |
Average exchange rate for the period (CAD/USD) | 1.14 | 1.05 | 1.10 | 1.03 |
Net operating costs of production (US$ per pound) | 2.32 | 1.70 | 2.08 | 1.89 |
Net operating costs of production | 55,580 | 44,648 | 231,205 | 177,344 |
Add offsite costs: |
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Treatment and refining costs | 6,906 | 6,120 | 28,250 | 17,291 |
Transportation costs | 3,764 | 5,512 | 18,805 | 18,029 |
Total operating costs | 66,250 | 56,280 | 278,260 | 212,664 |
Total operating costs (US$ per pound) | 2.77 | 2.14 | 2.50 | 2.27 |
Adjusted net earnings
Adjusted net earnings remove the effect of the following transactions from net earnings as reported under IFRS:
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Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 |
Net earnings (loss) | (26,427) | (9,756) | (53,884) | (34,839) |
Unrealized loss (gain) on derivatives | (3,549) | (607) | (4,346) | (6,159) |
Unrealized foreign exchange (gain) loss | 7,328 | 6,449 | 17,951 | 12,082 |
Gain on deemed disposition of Curis shares | (1,082) | - | (1,082) | - |
Write down in marketable securities | 367 | 5 | 1,152 | 13,984 |
Curis acquisition costs | 1,978 | - | 2,517 | - |
Non-recurring adjustment to interest on royalty obligation | - | 4,918 | - | 4,918 |
Non-recurring other expenses (income) | - | - | - | (430) |
Estimated tax effect of adjustments | 402 | (175) | 606 | (3,583) |
Adjusted net earnings (loss) | (20,983) | 834 | (37,086) | (14,027) |
Adjusted EPS | (0.10) | (0.00) | (0.19) | (0.07) |
EBITDA and adjusted EBITDA
EBITDA represents net earnings before interest, income taxes, and depreciation. EBITDA is presented because it is an important supplemental measure of our performance and is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present EBITDA when reporting their results. Issuers of “high yield” securities also present EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet debt service obligations. The Company believes EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation is a non-cash charge.
Adjusted EBITDA is presented as a further supplemental measure of the Company’s performance and ability to service debt. Adjusted EBITDA is prepared by adjusting EBITDA to eliminate the impact of a number of items that are not considered indicative of ongoing operating performance.
Adjusted EBITDA is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that are not likely to recur or are not indicative of the Company’s future operating performance consisting of:
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Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 |
Net earnings (loss) | (26,427) | (9,756) | (53,884) | (34,839) |
Add: |
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Depreciation | 10,270 | 9,770 | 47,338 | 34,508 |
Amortization of stock-based compensation | 564 | 466 | 3,741 | 2,680 |
Interest expense | 7,475 | 11,404 | 27,423 | 25,399 |
Interest income | (1,103) | (1,488) | (4,182) | (6,214) |
Income tax expense (recovery) | (4,176) | 1,119 | (8,787) | 2,659 |
EBITDA | (13,397) | 11,515 | 11,649 | 24,193 |
Adjustments: |
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Unrealized (gain)/loss on derivative instruments | (3,549) | (607) | (4,346) | (6,159) |
Gain on deemed disposition of Curis shares | (1,082) | - | (1,082) | - |
Foreign currency translation losses | 7,328 | 6,449 | 17,951 | 12,082 |
Curis acquisition costs | 1,978 | - | 2,517 | - |
Write down in marketable securities | 367 | 5 | 1,152 | 13,984 |
Non-recurring other expenses (income) | - | - | - | (430) |
Adjusted EBITDA | (8,355) | 17,632 | 27,841 | 43,670 |
Earnings from mining operations before depletion and amortization
Earnings from mining operations before depletion and amortization is earnings from mining operations with depletion and amortization added back. The Company discloses this measure, which has been derived from our financial statements and applied on a consistent basis, to provide assistance in understanding the results of the Company’s operations and financial position and it is meant to provide further information about the financial results to investors.
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Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 |
Earnings from mining operations | (11,164) | 15,285 | 5,102 | 42,933 |
Add: |
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Depletion and amortization | 10,248 | 9,684 | 47,163 | 34,067 |
Earnings from mining operations before depletion and amortization | (916) | 24,969 | 52,265 | 77,000 |
Site operating costs per ton milled
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Three months ended December 31, |
Year ended December 31, |
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(Cdn$ in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 |
Direct mining and processing costs (included in cost of sales) | 58,196 | 49,413 | 257,771 | 190,276 |
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Tons milled (millions) (75% basis) | 5.74 | 5.69 | 22.65 | 18.38 |
Site operating costs per ton milled | $10.13 | $8.69 | $11.38 | $10.35 |
No regulatory authority has approved or disapproved of the information contained in this news release.
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:
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.