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Taseko Mines CFO says company fully funded, well positioned for expansion project
By Jennifer Lanning Drey
Savannah, Ga., June 10 - Taseko Mines Ltd. is fully funded and financially well positioned as it commences its C$325 million Gibraltar Development Plan 3 project, Peter Mitchell, the company's chief financial officer, said Friday during Taseko's first-quarter earnings conference call.
During the quarter, Taseko announced plans to proceed with an expansion at Gibraltar that calls for construction of a new concentrator to complement the existing 55,000 tons per day facility. The project will increase annual production capacity to 180 million pounds of copper, according to the company.
Taseko accessed the U.S. high-yield bond market in April for a $200 million senior notes offering due 2018. The primary use was to fund the Gibraltar Development Plan 3 project, Mitchell said.
"The debt covenants provide ample flexibility and our capital structure accommodates our current growth plans," the CFO said.
Prior to the offering, Taseko ended the first quarter with C$193 million at March 31.
Taseko reported adjusted first-quarter earnings of C$10.8 million, up from C$7.3 million of adjusted earnings reported in the first quarter of the prior year. First-quarter revenues were C$58.8 million versus revenues of C$75.5 million in the same period of 2010.
The company's chief executive officer Russell Hallbauer said the decrease reflected Taseko's 75% interest in the Gibraltar mine in the current-year period, as opposed to a 100% interest in the first quarter of last year.
Adjusted EBITDA for the first quarter was C$19.9 million.
Taseko is a Vancouver, B.C., mineral and metals exploration and production company.
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