Taseko Mines Limited (NYSE:TGB) Q2 2024 Earnings Call August 1, 2024 11:00 AM ET
Company Participants
Brian Bergot - Vice President, Investor Relations
Stuart McDonald - President and Chief Executive Officer
Bryce Hamming - Chief Financial Officer
Richard Tremblay - Chief Operating Officer
Conference Call Participants
Craig Hutchison - TD Cowen
Ben Davis - Panmure Liberum
Operator
Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to Taseko Second Quarter Earnings Conference Call. [Operator Instructions] Mr. Brian Bergot, you may begin your conference.
Brian Bergot
Thank you, Ina. Welcome, everyone, and thank you for joining Taseko’s second quarter 2024 conference call. The news release and regulatory filing announcing our financial and operational results was issued yesterday after market close and is available on our website at tasekomines.com, and on SEDAR. I am joined today in Vancouver by Taseko’s President and CEO, Stuart McDonald; Taseko’s Chief Financial Officer, Bryce Hamming; and our COO, Richard Tremblay.
As usual, before we get into opening remarks by management, I would like to remind our listeners that our comments and answers to your questions will contain forward-looking information. This information, by its nature, is subject to risks and uncertainties that may cause the stated outcome to differ materially from the actual outcome. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our second quarter MD&A and the related news release as well as the risk factors particular to our company. I would also like to point out that we will use various non-GAAP measures during the call. You can find explanations and reconciliations regarding these measures in the related news release. And finally, all dollar amounts we will discuss today are in Canadian dollars unless otherwise specified. While [indiscernible] remarks, we will open the phone lines to analysts and investors for questions. I’ll now turn the call over to Stuart for his remarks.
Stuart McDonald
Great. Thanks, Brian, and good morning, everyone. Thanks for taking the time to join us today to review our second quarter operating and financial results. It’s been another eventful quarter and a busy first half, really. We’ve had a number of significant accomplishments so far this year, including consolidating 100% ownership of our Gibraltar mine refinancing our bonds, completing Florence project financing and then having a very positive start to construction activities of Florence. And more on that in a minute, but I’ll start with Gibraltar operations. And the mine produced 20 million pounds of copper and 185,000 pounds of molybdenum in the second quarter. Production was impacted by the planned downtime in mill #1 for the crusher move project and for maintenance on the SAG mill and also a strike of the mine’s unionized workforce, which shut down both mills and the whole site for 18 days in June. All of that downtime resulted in total tonnes milled being about 25% below nameplate capacity. And that, of course, has a direct knock-on effect to copper production.