Type | Public (AMEX: TGB, TSX: TKO) |
---|---|
Industry | Copper and Gold, Niobium |
Founded | 1999 |
Headquarters | Vancouver, Canada |
Key people | Mr. Russell E. Hallbauer, Teseko's CEO |
Products | Copper, Gold,Niobium, and molybdenum |
Revenue | $218.07 million[1] USD (2007) |
Operating income | $56.98 million[1] USD (2007) |
Net income | $56.98 million[1] USD (2007) |
Employees | 414 (2007) |
Website | www.tasekomines.com |
Taseko Mines Limited is a mid-tier copper producer located in British Columbia, Canada. It operates Gibraltar Mine, the second largest open-pit mine in Canada, and is in the planning stages for several other mines. These include the Prosperity Mine, Harmony, and Aley. All production is sold at non-hedged market based prices. The market capitalization currently is ~740 million dollars.
Contents |
Operations: Large open pit mine with production ranging from 80-110 million lb copper per year at a cost of 1.20$ per lb mined once phase II expansion has been completed.
Reserves: 2.4 billion pounds of copper and 69 million pounds of molybdenum [2]
Timeline:
Overview - Property includes 85 square km in south central British Columbia. A large copper and gold mineralization has been defined on the property containing ~5.3 billion lb copper and 13.3 million oz of gold. The feasibility for the mine was completed on September 25, 2007 and the environmental review process began in July 2008.
Operations: Large open-pit copper and gold mine with projected production of 108 million lb per year and 247,000oz of gold per year for 20 years.
Cost: ~800 million
Overview: The Harmony property is located on Graham Island, within the Queen Charlotte Islands, off the coast of British Columbia. The property contains a low-grade gold mineralization that can only be mined profitably at historically high gold prices. Teseko has yet to explore this property and values the property at 1$ on its balance sheet as of September 2004.[3]
Status: Exploration asset
Reserves:
Cost: No projects pending
projects pending: N/A
Timeline
Overview: The Aley asset contains Niobium,a rare metal used in the production of special steel alloys that are corrosion resistant. Currently only 2 mines in the world produce the rare metal.[4]The spot price of this metal has risen significantly in the last 5 years, from has low as $6.70 per lb in 2004 to ~$24.00 currently [1]. The property is located near the shore of the lake, about 30 kilometers from the Camp. The price of
Status: Exploration asset
Reserves: A feasibility study has not been completed thus-far. The resource estimates are 330-500 million lb with recoveries of which 65% may be recovered
Cost: N/A feasibility study not completed
Timeline
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 |
Prosperity Cost
100 million equipment purchase
Phase III expansion
2007 Annual Report detailing all properties owned
Market Capitalization
CFO resignation