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Stock Market & Financial Investment News

News Breaks
July 11, 2014
07:44 EDTTGBTaseko Mines downgraded at BofA/Merrill
As previously reported, BofA/Merrill downgraded Taesko Mines two notches to Underperform from Buy. The firm downgraded shares based on valuation and lack of catalysts. Price target lowered to $2.60 from $2.90.
News For TGB From The Last 14 Days
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October 14, 2014
10:01 EDTTGBOn The Fly: Analyst Downgrade Summary
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08:34 EDTTGBTaseko Mines downgraded to Hold from Buy at TD Securities
October 9, 2014
09:08 EDTTGBTaseko Mines: The pit movement at Granite Pit has resulted in plan adjustments
CEO Russell Hallbauer said, "The recent pit wall movement, which was relatively minor, has resulted in plan adjustments which will impact copper production and costs in the short-term. In conjunction with this event, the longer ore haul out of the bottom of the pit has affected our truck fleet productivities, increasing haulage costs. This is a temporary, cyclical situation which will be alleviated when operations transition back to the upper benches of the Granite Pit in the next few weeks. We are currently reviewing alternative mining plans for 2015, with the goal of maintaining a healthy profit margin and cash flow. As part of this review, we are investigating options to address the lower than budgeted waste stripping in 2014, due to shovel availability issues in the first half of the year, and the delayed ore release resulting from the pit wall movement. We have a number of options available to us and will move forward with a plan that addresses these two issues while ensuring the best overall operating margins."
09:07 EDTTGBTaseko Mines announces Q3 production results
Taseko Mines announces third quarter production of 35.4M pounds of copper and 650K pounds of molybdenum from the Gibraltar Mine. Year-to-date production is 108.4M pounds of copper and 1.9M pounds of molybdenum, increases of 23% and 96%, respectively, over the same period in 2013. In the third quarter, total sales were 38.1M pounds of copper and 700K pounds of molybdenum. The Gibraltar concentrators operated at design capacity during the third quarter, averaging 85,000 tons per day. Total throughput for the quarter was 7.8 million tons, a 15% increase over the same period in 2013. While the quantity of ore released in the quarter was as planned, head grade was below forecast due to high wall stability issues that affected the quarterly development sequence. Mining operations were temporarily shifted to ore faces with lower grade ore. The lower grade ore also negatively impacted recoveries.

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