Taseko Mines Ltd (USA) (NYSEMKT:TGB) is a mining company with shares breaking sharply to the upside in recent trade. The principal catalyst behind the TGB’s recent strength appears to be the company’s announcement a few days ago that mining and milling operations at the Gibraltar Mine have been restarted following a 4 day period in which the mine had been idled due to restricted site access caused by wild fires in the region.
“The successful restart of Gibraltar involved the efforts of many, including provincial, regional and local officials. Special thanks go out to our employees, many of who have themselves been personally burdened by the impact of the fires yet continued working around the clock manning call centres, providing essential on-site services, volunteering to help fellow employees, all to facilitate a prompt and efficient return to work for the broader workforce,” said Russell Hallbauer , President & CEO of Taseko Mines Limited.
Taseko Mines Ltd (USA) (NYSEMKT:TGB) bills itself as a mining company that acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper mine located in central British Columbia.
The company also has interests in the Aley niobium, Harmony gold, and New Prosperity gold-copper projects situated in British Columbia; and the Florence copper project located in central Arizona.
Taseko Mines Limited was founded in 1966 and is headquartered in Vancouver, Canada.
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Management had some choice commentary to offer about the company’s recent developments.
“Why such a big effort by so many to get things moving again and restore normalcy? Simply put, it is the best possible road to recovery for everybody and that has been our collective objective,” replied Mr. Hallbauer.
“Countless people and families in the region have suffered devastating fire loss, and that includes some who work for the Company as mentioned. Sadly, some folks may need months to recover, others may require years. The best thing Taseko-Gibraltar can do, and this would apply to other employers in the region as well, is help people return to work as quickly as they are able,” stated Mr. Hallbauer.
“Limiting employment interruption keeps the payrolls going, which in-turn provides community stability and continuity. Continuing to spend money with local businesses on equipment, services and supplies — which is only possible if employers are up and running — helps the whole region. Most importantly it helps people by giving them the ability to keep paying their bills and mortgages and meeting their obligations at home.
“At this time no fires threaten the mine facility. However, an evacuation order remains in effect for the City of Williams Lake (65 kilometres south of the mine) and the risk of potential wildfire in the region persists.
“With the talent and dedication of our workforce in combination with the expertise and success of thousands of professional and volunteer firefighters who have now come from every province in Canada and as far away as Australia to help in the battle and for which we are entirely grateful, we will be able keep the Gibraltar Mine running and productive and contributing to the recovery,” concluded Mr. Hallbauer.
Recent action has seen 23% added to share values of the listing over the past month of action. Market participants may want to pay attention to this stock. TGB has a track record that includes a number of dramatic bounces. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing 10% over the long run average.
Earning a current market cap value of $362M, TGB has a significant war chest ($149.3M) of cash on the books, which stands against about $14.1M in total current liabilities. TGB is pulling in trailing 12-month revenues of $310.1M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 79.4%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. For continuing coverage on shares of $TGB stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $TGB, either long or short, and we have not been compensated for this article.