Taseko Mines (TGB) Ramping Copper Production as Q2 Earnings Disappoint

Taseko Mines Ltd. (NYSE:TGB) is one of the best copper stocks to buy according to hedge funds. On August 6, the company confirmed it is making significant progress on the development of its core copper projects, including Florence Copper, which is on schedule and budget.

Taseko Mines (TGB) Ramping Copper Production as Q2 Earnings Disappoint

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Production at the Florence Copper project is poised to begin within the next six months, even as mining operations in Gibraltar continue to make progress with the advancement of the deeper Connector Pit. The ramping up of production activities is expected to result in increased copper production and a more substantial cash flow.

The remarks come as Taseko Mines delivers solid second-quarter results. Earnings from mining operations totaled $20.7 million with adjusted EBITDA of $17.4 million. Net income totaled $21.9 million, or $0.07 per share, leading to an adjusted net loss of $13 million, or $0.04 per share, which was worse than the expected loss of $0.02 per share. Revenue in the quarter totaled $116.08 million, better than the expected $93.98 million. The company produced 19.8 million pounds of copper in Gibraltar.

Taseko Mines Ltd. (NYSE:TGB) is a mining company that focuses on the operation and development of copper mines in North America. It is best known for the Gibraltar Mine in British Columbia, which is the second-largest copper mine in Canada, and for advancing the Florence Copper project in Arizona.

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Disclosure: None. This article is originally published at Insider Monkey.