Fitch gives Taseko B-

Fitch Ratings said it assigned a first-time long-term issuer default rating of B- to Taseko Mines Ltd. Fitch also assigned a B-/RR4 rating to the company’s senior secured notes.

“The ratings reflect Taseko’s small size, concentration on one operation and cost position in the fourth quartile of the global copper cost curve. The Gibraltar mine benefits from a stable production profile, a favorable mining jurisdiction and an 18-year mine life,” Fitch said in a press release.

Fitch assigned a stable outlook. “The stable outlook reflects Fitch’s view that the $250 million notes will be refinanced in 1H21; spending on development projects from Gibraltar cash flows or credit capacity will be limited; any capital to develop the Florence copper project will be sourced from third-parties; and that Florence project financing debt will be limited to $125 million,” the agency said in a press release.

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