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Taseko Mines: Gibraltar Mine Life Extended By 6 Years


  • Gibraltar's mine life has been extended by around six years with the updated plan.
  • This would put the end of mine life at 2044 now instead of 2038.
  • At current (roughly US$4.75) copper prices, Gibraltar's after-tax NPV8 (75% basis) is around US$1.6 billion with the updated plan.
  • The permitting process for Florence Copper continues to move slowly.
  • Looking for more investing ideas like this one? Get them exclusively at Distressed Value Investing. Learn More »

Native Copper -on black background

ScottOrr/E+ via Getty Images

Taseko Mines (NYSE:TGB) announced a significant increase in the reserves at Gibraltar, resulting in an estimated mine life that was extended by approximately six years.

An improved outlook for long-term copper prices has allowed Taseko to

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This article was written by

Elephant Analytics profile picture
Aaron Chow, aka Elephant Analytics has 15+ years of analytical experience and is a top rated analyst on TipRanks. Aaron previously co-founded a mobile gaming company (Absolute Games) that was acquired by PENN Entertainment. He used his analytical and modeling skills to design the in-game economic models for two mobile apps with over 30 million in combined installs. He is the author of the investing group Distressed Value Investing, which focuses on both value opportunities and distressed plays, with a significant focus on the energy sector. Learn more>>

Analyst’s Disclosure: I/we have a beneficial long position in the shares of TGB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (21)


U.S. President Joe Biden put the mining project on hold last month in response to the concerns of Native Americans who say it will destroy sacred land and of environmentalists who worry it will gobble up water in a drought-stricken state.

Came across this article. Ole Flo, is likely getting the same treatment. Old story from 2012, has a tribe opposing it. Ten years, JFC, how long has this thing been in the works.

Any idea why it’s dropping so big nowadays
Elephant Analytics profile picture

Falling copper prices plus rising costs (such as diesel) means that margins are getting compressed. Taseko is 90% hedged on copper at $4 USD, so it is mostly protected against further price drops but is taking a hit from copper going from around $4.65 last month to $4.10 now.
Xxfactor profile picture
@Elephant Analytics Plus the fact that they can not beat an earnings estimate to save thier lives even with record high copper prices.

What are they down 50% in a week? Must be copper prices? Other copper companies are down 15% buy whatever
Elephant Analytics profile picture

TGB was down -27% yesterday versus a week ago. I think SCCO was down around -13% over the same period. Change in enterprise value was more like -17% for TGB vs -12% for SCCO. TGB's share price is more volatile since it has a higher amount of net debt compared to its market cap than a company like SCCO.
Xxfactor profile picture
Florence Copper continues to progress, although at a slow pace with the public comment period expected to start in February

Last article...
Xxfactor profile picture
Florence is a pipe dream TGB has been selling us.
Xxfactor profile picture
Below 52 week low. What a disappointment this stock has been. They can't even beat one quarter.
4C4B40 profile picture
@Xxfactor - I view this as a gift. Now I have the chance to add more shares at a much lower price. Not worried at all about TGB - this is a long term play on copper demand/supply. If you are retiring tomorrow I guess that might be a problem. TGB wont get to full value for at least a few more years. Buy low and sell high. It is hitting new lows....
Xxfactor profile picture
@4C4B40 Ya sure that is what all the loser company investors say. Have fun watering weeds.
I think insider action is a positive sign. Worldwide economic slowdown/recession or not, at the current price of TGB shares, and the EPA permit award due, it may be time to "back-up the truck".
Xxfactor profile picture
@33557645 that permit award has been "due" for 2 years now. All talk no action
@33557645 That was only granting insiders an option to buy the stock, after the price decline. That permit is buried, just like the copper.

@Thomas Coutts "Imagine that, wait and watch kids,, the game hasn't even started yet, geopolitically"

Any other words of wisdom?
Options granted yesterday
Any opinions out there?
@User 14979912 Other than the price collapsing and they price the options, it's still only 150K worth. Considering they still could not make a dime at record copper, you can see why the shares got whacked.

If Flo isn't a go, look out below.
Xxfactor profile picture
@Pops007 I know I don't understand how they can screw up a quarter where copper was nearly 5 dollars a pound?

What kind of scam are they running over there?
Xxfactor profile picture
@Xxfactor I know I'm replying to myself but I realized this company is nothing but a way for investors late to the copper game to get in to a copper miner "cheaply" on dreams of future gains.

This is the definition of value trap.
Title should read permit process extended by 6 years. Ole Joe's regime is slow rolling this to oblivion.
Thank you E.A.: appreciate that you stay on top of developments at TGB.

Please alert we painfully patient shareholders when the public comment period begins.
Improved copper prices + the ongoing delays reduce the need for partnering at Florence.
markh profile picture
Nice update E.A. and I concur with you that eventually Florence gets approved especially given the recent world-wide developments wherein we are quickly learning the value of domestic production of valuable "green" commodities such as copper.
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