Taseko Mines (TGB) Misses Q3 EPS by 2c

October 27, 2016 5:51 PM EDT
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Taseko Mines (NYSE: ) reported Q3 EPS of ($0.07), $0.02 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $55.9 million versus the consensus estimate of $45.44 million.

Russell Hallbauer, President and CEO of Taseko commented, "Copper production in the quarter increased by 8% over the previous quarter as a result of improved throughput, recoveries and copper grade. Gibraltar operated well in the quarter and, due to high productivities with the mining fleet, we began accessing higher grade ore earlier than originally anticipated. As per our previous guidance, we are now into a long stretch of above average copper grades which will benefit Gibraltar's cost structure and operating margins. With the higher head grades, which we started accessing in September and are expected to last well into 2017, copper production and cash flows are anticipated to improve significantly over the next year. Recoveries for the quarter also increased, a result of higher grade ore as well as a continued focus on the grinding and flotation circuits. We expect further recovery improvements over the coming quarters."

For earnings history and earnings-related data on Taseko Mines (TGB) click here.

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