PI Financial Corp Updates Coverage and Buy Recommendation on Taseko Mines (TSX:TKO) (NYSE MKT:TGB) - Video Research Alert Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, 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.
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(at)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(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 11.07.2013 - 18:54 Uhr
Sprache: Deutsch
News-ID 277711
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