Taseko (TGB) Climbs 24% on Gold, Copper Boost

We recently published 10 Small Caps With Big Double-Digit Gains. Taseko Mines Limited (NYSEAmerican:TGB) is one of the top performers of last week.

Taseko Mines jumped by 24.23 percent week-on-week as investor sentiment was bolstered by the jump in prices of gold and copper.

Last Friday alone, gold spot increased by 1.97 percent to $4,239 per troy ounce while copper was up by 2.28 percent at $11,189 per metric ton.

Last week’s performance, which showed four straight days of rally, also reflected investor confidence despite the company posting mixed earnings performance in the third quarter of the year.

During the period, Taseko Mines Limited (NYSEAmerican:TGB) markedly widened its net loss by 15,365 percent to $27.8 million from only $180,000 in the same period last year.

Revenues, on the other hand, jumped by 11.7 percent to $173.9 million from $155.6 million year-on-year, primarily driven by the sale of 26 million pounds of copper and 421,000 pounds of molybdenum.

Gibraltar copper production significantly improved over the previous two quarters as mining continued to advance deeper into higher-grade ore in the Connector pit.  In the third quarter, Gibraltar produced 27.6 million pounds of copper, which includes 895,000 pounds of copper cathode and 558,000 pounds of molybdenum,” Taseko Mines Limited (NYSEAmerican:TGB) said.

“Copper recoveries for the third quarter were 77 percent.  Both grade and recoveries were markedly higher than the previous two quarters and are expected to increase again in the fourth quarter. Molybdenum grades, which typically track copper grades, were also higher than the previous quarters resulting in much improved production,” it added.

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