Taseko's Q4 Earnings: A Mixed Bag, But Copper Production Soars

Taseko Mines Limited (TKO, TGB, TKO.L) recently reported its full-year 2024 earnings, providing a mixed bag of results but highlighting a significant increase in copper production. The company's Adjusted EBITDA* came in at $224 million, while earnings from mining operations before depletion and amortization and non-recurring items* were $244 million. Revenues for the year totaled $608 million, driven by the sale of 108 million pounds of copper and 1.4 million pounds of molybdenum.



However, Taseko recorded a net loss of $13 million ($0.05 loss per share) for the year, primarily due to higher than normal scheduled downtime in both concentrators and an 18-day labour strike. These disruptions impacted annual production by approximately 15 million pounds in 2024. Despite these challenges, the company's copper production in 2024 increased significantly to 106 million pounds, in line with the revised production guidance.



Stuart McDonald, President and CEO of Taseko, commented on the results, "We had a strong finish to the year at Gibraltar and, with both concentrators operating well, the mine achieved a new record for quarterly mill throughput. With stable milling operations expected in 2025, we expect a significant improvement in annual production of copper and molybdenum, although we will see lower head grades in the first part of the year during a new pushback in the Connector pit."

McDonald also highlighted the progress at the Florence Copper project, stating that construction is advancing on schedule, with the overall project completion over 60% as of the end of January. The company remains in a solid financial position, with a year-end cash balance of $173 million and available liquidity of approximately $331 million, including its undrawn credit facility.

In conclusion, Taseko's Q4 earnings snapshot reveals a mixed bag of results, with a significant increase in copper production offset by higher costs and disruptions. Despite these challenges, the company's strong financial position and progress at the Florence Copper project provide optimism for the future. Investors should keep a close eye on Taseko's stock as the company continues to navigate the dynamic copper market.