Canadian Copper Penny

Taseko reports second-quarter loss on hedging charge, revenue down

Taseko Mines Ltd. (TSX:TKO) hopes a new environmental assessment of its Prosperity gold-copper project in B.C. can be started by October as it looks to revive the proposed mine that Ottawa killed in 2010.

"We expect to enter the official federal environmental assessment review process very shortly," Taseko president and chief executive Russell Hallbauer said Friday.

"After that it will be, we believe, a 365-day process to finalize the environmental assessment review for both the federal government and our amendments to our provincial environmental certificate."

Taseko submitted a revised project description to the federal government earlier this year in hopes of reviving the Prosperity project with a plan that adds $300 million in capital and operating costs to the proposed mine, which was previously expected to cost about $800 million.

The original plan, which would have turned Fish Lake into a tailings pond, was blocked by Ottawa after a negative environmental assessment. Taseko's revised plan would save the lake.

Taseko reported late Thursday that it lost $1.1 million or a penny per share for the quarter ended June 30 compared with a profit of $44.8 million or 24 cents per share a year ago when the company recorded a $30.6-million, one-time gain related to its taxes.

Included in the most recent quarter was a $10.3-million charge related to its copper hedges and a $2.8-million after-tax loss in connection with a joint venture, offset by a $6.4-million gain on marketable securities and dividend income.

Revenue totalled $48.3 million, down from $56.5 million.

Despite the loss for the quarter, Hallbauer noted that the company's near-term projects were fully financed and its hedging strategy ensures minimum price levels for the next 16 months.

In addition to the Prosperity project, Taseko owns a 75 per cent stake in the Gibraltar mine and several other development stage projects in B.C.

Gibraltar produced 20 million pounds of copper in the quarter, compared with 20.1 million pounds produced in the second quarter of 2010.

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@waldentree No need to be worried, as of today those tiny copper pennies are worth 293% of face value; and those copper/nickel Jefferson nickels are worth 134 % of face value. Let’s see: 293 vs 134…oh my those tiny copper little silly pennies are worth more than TWICE as much per face value. Sounds like you need to be penny wise, friend….but still buy nickels since they are supposed to change the compostion.

The best coins are what’s called “junk silver”. Look it up on wikipedia. The best “junk silver” coins are dimes. They’re worth about $2.90 today.I bought a bunch of people recently to 6% over the spot price. In the case of hyperinflation, it is very possible that silver will become an alternative currency. Pennies are an undesirable waste of time. It is only 3 cents. How many of these would you need to buy something based on their melt value?

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Extractive metallurgy of copper