Taseko Mines has reported a significant financial performance for the year 2023, with an Adjusted EBITDA of $190 million and mining operations earnings before depletion and amortization of $207 million. The company's revenues reached $525 million, marking a 34% increase from the previous year, driven by enhanced copper production and an increased stake in the Gibraltar Mine from 75% to 87.5%.
For 2023, Taseko recorded a net income of $83 million ($0.29 per share) and adjusted net earnings of $44 million ($0.15 per share). The fourth quarter showed an adjusted EBITDA of $69 million and earnings from mining operations of $73 million, with net income reaching $67 million ($0.23 per share) and adjusted net earnings of $24 million ($0.08 per share).
Copper production from Gibraltar reached 34 million pounds in the fourth quarter, totaling 123 million pounds for the year, exceeding initial projections and showing a 26% increase over 2022. The year also saw molybdenum production at 1.2 million pounds. The operational efficiencies led to lower operating cash costs of US$1.91 per pound for copper in the fourth quarter and US$2.37 per pound for the year.
Taseko also highlighted progress at the Florence Copper project, notably receiving the final Underground Injection Control permit and announcing two project financings totaling US$100 million. Construction of the commercial production facility is underway, with initial copper production expected in the fourth quarter of 2025.
