The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Newsfile Corp

PI Financial Corp Updates Coverage and Buy Recommendation on Taseko Mines - Video Research Alert Posted on InvestmentPitch.com

Thursday, July 11, 2013

PI Financial Corp Updates Coverage and Buy Recommendation on Taseko Mines - Video Research Alert Posted on InvestmentPitch.com

13:06 EDT Thursday, July 11, 2013

Vancouver, British Columbia--(Newsfile Corp. - July 11, 2013) - PI Financial Corp. updates coverage on Taseko Mines (TSX: TKO) (NYSE MKT: TGB). Following the release of the second quarter production from its Gibralter Mine, analyst Aleem Ladak reiterated his buy recommendation, maintaining his 12-month target of $4.65, a premium of 138% to the $1.95 price the day the report was issued.

InvestmentPitch.com has produced a "video research alert" based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Taseko Mines" in the search box.


If you cannot view the video above, please visit:
http://www.investmentpitch.com/video/0_3nn2icnz/PI-Financial--Upgraded-coverage--Taseko-Mines-TSX-TKO

Taseko is a 75% owner and operator of the Gibraltar copper-molybdenum mine (Cariboo Copper Corp – 25%), located in south-central British Columbia, the second largest open pit copper mine in Canada and the largest employer in the Cariboo region.

Second quarter production reached 28.1 million pounds of copper, a 21% increase over the prior quarter, driven by throughput from the new GDP3 concentrator. Moly production for the second quarter was 333,000 pounds.These production numbers are reported on a 100% basis.

Ramp up of the new concentrator progressed during the second quarter as operations and maintenance crews continued to fine tune and optimize equipment and operating parameters.

PI Financial expects the new GDP3 concentrator will expand the Gibralter mill from a capacity of about 49.9 thousand tonnes per day to about 77.1 thousand tonnes per day.

Russell Hallbauer, President and CEO, commented, “We expect to see continued increases in monthly copper and molybdenum production as we achieve full milling capacity in the months ahead. With the increased production, our unit costs have already started to decline and will continue to do so in the back half of 2013. At current copper prices we expect strong operating margins."

Taseko is developing its 100% owned New Prosperity project, also located in British Columbia, which is forecast to come onstream in 2017.

Analyst Aleem Ladak stated, “We see current trading levels as an attractive entry point for investors looking for financed and completed organic growth which is what GDP3 will be providing going into 2014."

The company currently trades at $2.00, well below the $4.65 target price, and with 190.7 million shares outstanding, the company is capitalized at $381 million.

For more information about Taseko and its many projects, please visit the company's website www.TasekoMines.com or contact Brian Begot, Director of Investor Relations at 778-373-4533 or email investor@TasekoMines.com .

For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com .

About InvestmentPitch

InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports.

CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan@investmentpitch.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections