Taseko Mines (NYSE: TGB) reported Q2 EPS of $0.08, $0.07 better than the analyst estimate of $0.01.

Russell Hallbauer, CEO and Director, commented, "In March, in response to a lower copper pricing environment, we seamlessly implemented a modified mine plan at Gibraltar and are very pleased with our operating results for the first half of 2020, and our response to the changing market conditions. The copper price recovery from the lows in mid-March is remarkable and demonstrates how strong the fundamentals for copper really are. With current pricing at US$2.95 per pound, copper is 20% higher than the second quarter average price. This price increase flows straight to Taseko's bottom line and directly increases cash flow from Gibraltar. While we remain very bullish on the prospects for copper, it is still early days in the recovery and we have no intentions to adjust this current mine plan."

Stuart McDonald, President of Taseko stated, "Strong second quarter production of 36.8 million pounds of copper and 644,000 pounds of molybdenum resulted in a significant uptick in quarterly financial performance. Total operating costs (C1)* of US$1.34 per pound combined with average copper prices for the quarter of US$2.43 per pound provided Taseko with a strong operating margin of $50 million (excluding depletion and amortization) for the quarter. Our cash balance increased to $64 million at the end of June, after making the C$15 million interest payment on our outstanding bonds."

"Copper production for the first half of 2020 was right on plan and in line with the higher end of our original guidance. Production and site spending in the second half of the year is expected to be at similar levels as the first half," added Mr. McDonald.

Mr. Hallbauer continued, "As previously disclosed, we are expecting the draft Aquifer Protection Permit to be issued by the Arizona Department of Environmental Quality tomorrow. This is a very exciting milestone to have achieved and is another important step closer to adding 85 million pounds of low cost copper production to our Gibraltar base."

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