5. Taseko Mines (TGB) is a Canada-based junior mining company. It operates the Gibraltar Copper Mine and is exploring the Prosperity Gold-Copper, Harmony Gold and Aley Niobium properties.
The Gibraltar Mine reported unaudited production results for the second quarter of 2011. For the quarter, Gibraltar produced 20 million pounds of copper, compared with 19.2 million pounds in the first quarter of 2011, and 300,000 pounds of molybdenum.
The company's chief executive says that after a capital outlay of $325 million on the Gibraltar Development Plan 3, the mine's annual production capacity will increase by 90% to 180 million pounds of copper, and by 70% to 3 million pounds of molybdenum.For the first quarter of 2011, Taseko recorded adjusted earnings of $10.8 million, or 6 cents per share, representing a 48% increase from the first quarter of 2010. Cash margins increased 34% to $2.21 per pound for the same period, driven by higher copper prices. The company has purchased put options on almost 90% of its 2012 copper production, which ensures a minimum selling price of $3.50 per pound and revenue for the next 18 months. Of the 10 analysts covering the stock, six rate it a buy and three rate it a hold. On average, analysts surveyed by Bloomberg expect the stock to gain 56.3% to $7.35 in the next 12 months.
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