Taseko swings back into the black as higher copper, molybdenum prices lift Q1 earnings

Base metals producer Taseko Mines has reported stronger-than-expected earnings for the first quarter ended March 31, as higher copper prices and a sharp recovery in the price for molybdenum dovetailed into higher sales volumes. The Vancouver-based company reported net income of C$16.5-million, or C$0.07 a share, for the quarter, compared with a net loss of C$1.5-million, or C$0.01 a share, for the same period in 2016. Taseko attributed the change in net earnings mainly to higher copper prices, higher copper sales volume, lower production costs, as well as revenue from the sale of molybdenum concentrate.