Taseko Mines
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 | |
| Type | Public |
|---|---|
| TSX: TKO AMEX: TGB | |
| Industry | Copper and Gold, Niobium |
| Founded | 1999 |
| Headquarters | Vancouver, British Columbia, Canada |
Key people | Mr. Stuart McDonald, Teseko's President & CEO |
| Products | Copper, Gold, Niobium, and Molybdenum |
| Revenue |  $218.07 million[1] USD (2007) |
 $56.98 million[1] USD (2007) | |
| $56.98 million[1] USD (2007) | |
Number of employees | 514 (2010) |
| Website | www.tasekomines.com |
Taseko Mines Limited is a mid-tier copper producer located in British Columbia, Canada. It operates Gibraltar Mine, the second largest open-pit copper mine in Canada, and is in the planning stages for several other mines including the Prosperity Mine, Harmony, and Aley. All production is sold at non-hedged market based prices. The market capitalization is currently[as of?] roughly 740 million dollars.[citation needed]
Company history
[edit]In 1991, the company acquired the Prosperity project, with subsequent acquisitions of the Gibraltar Mine from Boliden AB in 1999, and Harmony in 2002. Gibraltar was reopened in 2004, due to high copper prices. Aley was acquired in 2007.
Proposed projects
[edit]Prosperity Mine
[edit]The Prosperity Mine property spans 85 square kilometres in south central British Columbia. A large copper and gold mineralization has been defined on the site, containing approximately 5.3 billion pounds of copper and 13.3 million ounces of gold. The feasibility study for the mine was completed on September 25, 2007, and the environmental review process began in July 2008.
Reserves
[edit]The operation is planned as a large open-pit copper and gold mine, with projected annual production of 108 million pounds of copper and 247,000 ounces of gold over a 20-year mine life, at an estimated cost of approximately $800 million.
In 2009, proven reserves for the mine were estimated at 481 million tonnes, grading 0.46 grams per tonne of gold and 0.26 percent copper. Probable reserves were estimated at 350 million tonnes, grading 0.35 grams per tonne of gold and 0.18 percent copper, based on a $5.50 net smelter return cut-off.[2]
Timeline
[edit]Taseko Mines acquired the property in 1991. The feasibility study, completed on September 25, 2007, outlined a processing rate of 70,000 tonnes per day over a 20-year mine life, and the environmental assessment process began in July 2008. In November 2010, the initial open-pit proposal was rejected by the Canadian Environmental Assessment Agency review board, a decision supported by Environment Minister Jim Prentice and the minority Tory government.[3] The following year, in November 2011, Taseko President Russell Hallbauer wrote a letter to Environment Minister Peter Kent suggesting that the proposal had been rejected for "spiritual" rather than environmental reasons.[4] The mine was rejected a second time in 2014 by the Harper government, again on environmental grounds. In January 2017, there was an attempt to revive the project, though it lacked support from the local First Nation.
Harmony Mine
[edit]The Harmony property is located on Graham Island, the largest island of the Haida Gwaii archipelago within the Queen Charlotte Islands, off the coast of British Columbia. The property contains low-grade gold mineralization that would only be profitable to mine at historically high gold prices. As of September 2004, Taseko had yet to explore the property and valued it at a nominal $1 on its balance sheet, classifying it as an exploration asset.[5] The latest engineering study indicated reserves of 64 million tonnes grading 1.52 grams per tonne, representing in-place resources of approximately 3 million ounces of gold. No known projects are currently pending for the site.
The property was discovered in the 1970s and acquired by Taseko in October 2001 for $2.23 million along with preferred stock. On September 30, 2004, its value was written down to a nominal $1.
Aley
[edit]The Aley asset contains niobium, a rare metal used in producing special steel alloys valued for their corrosion resistance. Currently, only two mines in the world produce this rare metal,[6] and its spot price has risen significantly over the past five years, from as low as $6.70 per pound in 2004 to approximately $24.00 currently.[7] The property is located near the shore of a lake, about 30 kilometres from the camp, and is classified as an exploration asset.
A feasibility study has not been completed for the site thus far, though resource estimates suggest 330 to 500 million pounds of niobium, of which around 65 percent may be recoverable. As no feasibility study has been completed, cost figures are not yet available.
The property was discovered by Cominco in the 1980s. Taseko acquired it in June 2007 for $1.5 million in cash plus approximately 894,730 common shares, and exploration of the property began in 2008.
Financial information
[edit]Taseko's shares are listed on the NYSE under the ticker symbol "TGB." The company also holds 7.318 million shares of Continental Mining, a Chinese mining company.[8]
| March 31, 2008 | September 30, 2007 | June 2007 | September 2006 | ||
| Current Assets | |||||
|---|---|---|---|---|---|
| Cash and equivalents | 66,416 | 37,636 | 44,306 | 89,408 | |
| Restricted Cash | - | 4,400 | 4,400 | - | |
| Marketable Securities and investments | 14,850 | 18,542 | - | - | |
| Accounts Receivable | 12,209 | 12,021 | 16,203 | 9,342 | |
| Income Taxes Receivable | 6,344 | - | - | - | |
| Advances to Related party | - | 807 | - | - | |
| Inventory | 22,724 | 18,058 | 12,744 | 24,218 | |
| Prepaid expenses | 839 | 1,069 | 2,641 | 1,221 | |
| Current portion of promissory note | 723 | 2,086 | 1,238 | 2,157 | |
| 124,105 | 94,619 | 97,907 | 149,447 | ||
| Restricted Cash | - | 4,400 | 4,400 | - | |
| Reclamation Deposits | 35,468 | 33,396 | 32,653 | 32,004 | |
| Promissory Note | 73,058 | 72,350 | 72,128 | 71,009 | |
| Property, plant and equipment | 221,821 | 176,898 | 136,843 | 43,445 | |
| 458,852 | 337,263 | 339,531 | 297,461 |
| March 31, 2008 | September 30, 2007 | June 2007 | September 2006 | ||
| Current Liabilities | |||||
|---|---|---|---|---|---|
| Accounts payable and accrued liabilities | 27,032 | 30,435 | 20,646 | 21,961 | |
| Advances from related party | 118 | - | - | - | |
| Current portion of deferred revenue | 175 | 175 | 1,095 | 1,225 | |
| Current portion of royalty obligation | 723 | 2,086 | 1,238 | 2,157 | |
| Income taxes payable | - | 6,573 | 13,166 | 3,985 | |
| Current portion of future income taxes | - | 807 | - | - | |
| 29,976 | 44,589 | 35,225 | 47,862 | ||
| Income taxes | 25,478 | 24,645 | 22,523 | 21,058 | |
| Royalty obligation | 62,590 | 63,330 | 63,825 | 64,632 | |
| Deferred revenue | 963 | 1,050 | 1,094 | 1,225 | |
| Convertible debt | 43,383 | 41,008 | 42,173 | 42,775 | |
| Site closure and reclamation cost | 14,334 | 17,441 | 19,864 | 18,975 | |
| Future income taxes | 35,671 | 21,540 | 5,591 | - | |
| 212,395 | 213,603 | 190,295 | 196,527 | ||
References
[edit]- 1 2 3 ОАО "ЛУКОЙЛ". Консолидированная финансовая отчетность за 2006 и 2005 гг., подготовленная в соответствии с ОПБУ США Archived 2009-01-31 at the Wayback Machine
- ↑ Stockwatch news release November 2, 2009, cited in BC MINFILE Record summary No 092O 041 PROSPERITY, FISH LAKE, BB, VICCAL, ALBERT, RENNER, NEW PROSPERITY
- ↑ "Prentice kills Taseko's Prosperity mine". Toronto Sun. Archived from the original on 2016-03-03. Retrieved 2026-07-30.
- ↑ O'NEIL, PETER. "B.C. mining company Taseko aims to ban prayers at hearings". www.vancouversun.com. Archived from the original on 2014-10-30. Retrieved 2026-07-30.
- ↑ Teseko Mines Limited Annual report p45
- ↑ Niobium
- ↑ "Columbium Metal Prices, Ferrocolumbium prices, Niobium, ferroniobium prices, charts, historical prices". www.metalprices.com. Archived from the original on 2012-05-07. Retrieved 2026-07-30.
- ↑ "Continental Minerals Corporation - Home Page - Fri May 9, 2008". www.hdgold.com. Archived from the original on 9 May 2008. Retrieved 12 January 2022.