Taseko Mines (AMEX:TGB) Stock

Taseko Mines

Taseko Mines Ltd is a Canadian mining company. It is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada, and the State of Arizona, the United States. The Gibraltar, Aley, New Prosperity, Yellowhead properties are located in British Columbia whereas Florence copper is in central Arizona.

Taseko Mines Ltd

TAIWAN CEMENT CORP ORD by Taiwan Cement Corp.

TCC Group Holdings Co Ltd

WIIM

Taseko Mines shares are trading higher. The company reported Q4 financial results.

Stocks tumbled Thursday, with all major indices in the red, one day after the S&amp;P 500 notched another all-time high in Wednesday&#8217;s trading session. Investors are weighing uncertainty surrounding tariff policies and disappointing guidance from Walmart while digesting new<a href="https://www.benzinga.com/markets/forex/25/02/43843332/global-markets-mixed-dollar-dips-as-traders-react-to-trumps-tariff-plans-global-markets-today-while-us-slept"> initial jobless claims data.</a>
Mega-retailer Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>)&#8217;s shares dropped after the company issued fiscal 2026 guidance below analyst expectations, despite fourth-quarter results beating expectations.
Retail investor darling Palantir Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) added to Wednesday&#8217;s declines <a href="https://www.benzinga.com/25/02/43849289/whats-going-on-with-palantir-stock-thursday">following a report </a>that the Trump administration told the Pentagon to prepare for sweeping budget cuts and CEO Alex Karp filed a new trading plan to sell up to $1.2 billion shares.
Read Next:<a href="https://www.benzinga.com/25/02/43836832/trump-administration-orders-sweeping-pentagon-cuts-defense-sector-stocks-on-watch"> Trump Administration Orders Sweeping Pentagon Cuts: Palantir, Lockheed Martin, General Dynamics Among Stocks On Watch</a>
Initial jobless claims rose by 5,000 to 219,000, above expectations of 215,000, while continuing claims rose to 186,900 in the first week of February.
WTI crude oil futures rose above $72 per barrel on Thursday, extending its streak of gains to four days as supply concerns outweighed a rise in U.S. stockpiles, according to TradingEconomics. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.09% to $97,695. The yield on the 10-year US Treasury note pulled back slightly to 4.5%.
<h2 class="wp-block-heading">Thursday's Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1 day % chg.</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,911.27</td>
<td>-0.72%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,101.27 </td>
<td>-0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,036.44</td>
<td>-1.32%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,252.49</td>
<td>-1.31%</td>
</tr>
</tbody>
</table>
</figure>
According to Benzinga Pro data:
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.67% to $608.82. </li>
<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 1.26% at $441.02</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.7% to $535.72. </li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) was down 1.17% to $223.79. </li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) fell 1.39% to $223.10.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;rose 0.6% to $92.57. </li>
</ul>
<h2 class="wp-block-heading">Thursday's Stock Movers:&nbsp;</h2>
Cruise stocks Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCHL#NYSE">NCHL</a>) tumbled, leading consumer discretionary stocks lower. The SPDR Select Sector Fund &#8211; Consumer Discretionary (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) fell 1.44%. 
Stocks reacting to company earnings reports included:&nbsp;
<ul>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)&nbsp;</li>
<li>Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>)&nbsp;</li>
<li>B2Gold Corp. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/BTG#AMEX">BTG</a>)</li>
<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>)</li>
<li>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</li>
<li>Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) </li>
<li>Taseko Mines, Ltd. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>)&nbsp;</li>
<li>Shake Shack, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHAK#NYSE">SHAK</a>) </li>
<li>Materialise NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTLS#NASDAQ">MTLS</a>) </li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) </li>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) </li>
<li>Jumia Technologies AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>) </li>
<li>Birkenstock Holding Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) </li>
<li>Sabre Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SABR#NASDAQ">SABR</a>) </li>
<li>Ardelyx, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARDX#NASDAQ">ARDX</a>) </li>
</ul>
Companies reporting after Thursday's closing bell include:&nbsp;
<ul>
<li>Celsius Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) </li>
<li>Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>) </li>
<li>Iamgold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>) </li>
<li>The RealReal, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) </li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) </li>
<li>Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>) </li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) </li>
<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) </li>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) </li>
<li>MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) </li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/25/02/43703014/robert-f-kennedy-confirmed-as-trump-secretary-of-health">Robert F. Kennedy, Vaccine Skeptic, Confirmed As Trump&#8217;s Secretary Of Health: Health Care Stocks To Watch</a></li>
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Palantir Rally Loses Steam, Walmart Outlook Disappoints: What's Driving Markets Thursday?

Taseko Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>) reported quarterly earnings of C$0.03 per share which met the analyst consensus estimate. This is a 62.5 percent decrease over earnings of C$0.08 per share from the same period last year. The company reported quarterly sales of C$167.780 million which missed the analyst consensus estimate of C$172.732 million by 2.87 percent. This is a 109.66M percent increase over sales of C$153.000 the same period last year.

Earnings

Earnings Misses

Taseko Mines Q4 2024 Adj. EPS C$0.03, Inline, Sales C$167.780M Miss C$172.732M Estimate

All three major U.S. indices are red in Wednesday's midday trading as investors weighed President Donald Trump's proposed tariffs on auto imports, pharmaceuticals and semiconductors. An official announcement is<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43807804/us-stocks-likely-to-open-lower-following-fresh-records-from-previous-session-expert-says-dont-be-scared-of-new-highs"> expected as soon as April 2.&nbsp;</a>
Markets are anticipating the release of the most recent FOMC minutes later in the trading day which will give further insight into the Federal Reserve's policy outlook. The Fed held interest rates steady at its last meeting and has signaled it is in no hurry to lower rates.&nbsp;
Natural gas futures were up 5%, closing in on a two-year high, as extreme <a href="https://www.benzinga.com/general/travel/25/02/43814828/life-threatening-cold-air-snow-brings-travel-delays-higher-heating-costs">cold temperatures</a> across the U.S. drove higher heating demand and froze oil and gas wells, disrupting production. Adding to the pressure on prices are record-level gas flows to LNG export plants. The United States Natural Gas Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) ETF was up more than 5% midday Wednesday.&nbsp;
Read Next: <a href="https://www.benzinga.com/general/travel/25/02/43814828/life-threatening-cold-air-snow-brings-travel-delays-higher-heating-costs">&#8216;Life-Threatening&#8217; Cold Air, Snow Brings Travel Delays, Higher Heating Costs</a>
The yield on the 10-year US Treasury note held above 4.5% on Wednesday after Trump issued new tariff threats which fueled inflation concerns. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.03% to $88.13.&nbsp;
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose to above the $96,000 level as crypto markets recovered some of Tuesday's losses.&nbsp;
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1 day % chg.</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,037.70</td>
<td>-0.02%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,132.74</td>
<td>0.05%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,465.91</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,284.05</td>
<td>0.28%</td>
</tr>
</tbody>
</table>
</figure>
According to Benzinga Pro data:
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched up 0.05% to $611.78</li>
<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 0.17% at $445.16. </li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was flat at $539.41. </li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $226.31.</li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) dipped 0.38% to $225.52. </li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose 1.36% to $92.54. </li>
</ul>
<h2 class="wp-block-heading">Wednesday's Stock Movers:&nbsp;</h2>
Shares of EV truck maker Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) plummeted after the <a href="https://www.benzinga.com/news/asset-sales/25/02/43811409/nikola-files-for-bankruptcy-seeks-auction-for-sale-of-its-assets">company filed</a> for Chapter 11 bankruptcy, seeking to auction its assets while continuing limited operations through March 2025. Another small EV company, Mullen Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MULN#NASDAQ">MULN</a>), shares are down after the company reported significant losses in its fourth-quarter earnings release before the opening bell.&nbsp;
Stocks reacting to company earnings reports included:&nbsp;
<ul>
<li>Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)&nbsp;</li>
<li>Bumble, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>)&nbsp;</li>
<li>Shift4 Payments, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOUR#NYSE">FOUR</a>)&nbsp;</li>
<li>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>)</li>
<li>Medifast, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MED#NYSE">MED</a>)&nbsp;</li>
<li>Appian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPN#NASDAQ">APPN</a>)&nbsp;</li>
<li>Arista Networks, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NASDAQ">ANET</a>)&nbsp;</li>
<li>SolarEdge Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>)&nbsp;</li>
<li>Global-E Online Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLBE#NASDAQ">GLBE</a>)&nbsp;</li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>)&nbsp;</li>
</ul>
Companies reporting after Wednesday's closing bell include:&nbsp;
<ul>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)&nbsp;</li>
<li>Toast, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>)&nbsp;</li>
<li>The Cheesecake Factory Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAKE#NASDAQ">CAKE</a>)&nbsp;</li>
<li>Alamos Gold Inc. &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</li>
<li>Borr Drilling Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BORR#NYSE">BORR</a>)&nbsp;</li>
<li>Taseko Mines, Ltd. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>)&nbsp;</li>
<li>Equinox Gold Corp.&nbsp; (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/EQX#AMEX">EQX</a>)&nbsp;</li>
<li>B2Gold Corp. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/BTG#AMEX">BTG</a>)&nbsp;</li>
<li>Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>)&nbsp;</li>
<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>)&nbsp;</li>
<li>Grab Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>)&nbsp;</li>
</ul>
Read Next:
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</ul>
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Earnings Scheduled For February 19, 2025

Taseko Mines Announces 2024 Production From Its 100% Owned Gibraltar Copper Mine. Copper And Molybdenum Production For The Year Was 106M Pounds And 1.4M Pounds, Respectively. Sales Volumes Were 108M Pounds Of Copper And 1.4M Pounds Of Molybdenum

Taseko Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>) reported quarterly earnings of C$0.10 per share which beat the analyst consensus estimate of C$(0.01) by 1100 percent. This is a 600 percent increase over losses of C$(0.02) per share from the same period last year. The company reported quarterly sales of C$137.730 million which beat the analyst consensus estimate of C$127.417 million by 8.09 percent. This is a 23.06 percent increase over sales of C$111.924 million the same period last year.

Earnings Beats

Taseko Mines Q2 2024 Adj. EPS C$0.10 Beats C$(0.01) Estimate, Sales C$137.730M Beat C$127.417M Estimate

Taseko Mines Limited (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TKO#TSX">TKO</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>) (LSE: TKO) ("Taseko" or the "Company") announces second quarter production results of 20 million pounds of copper and 185,000 pounds of molybdenum.
Metal production in the second quarter was impacted by mill downtime for the relocation of the in-pit crusher and concurrent maintenance activities in concentrator #1, as well as a strike by the mine's unionized workforce in June. The in-pit crusher move was completed in late May but the final installation work and the other mill maintenance was interrupted by the 18-day strike in June. This work resumed following the strike, when contractors were able to return to site, and is now completed. Concentrator #1 has restarted and is in the process of ramping up to full capacity.

TSX:TKO

Taseko Mines Reports Q2 Production Results Of 20M Pounds Of Copper And 185,000 Pounds Of Molybdenum

Reported Wednesday, Taseko Mines Ratifies Labour Agreement At Gibraltar Mine, Operations Resume

Reported Sunday, Taseko Mines Reaches Tentative Labor Agreement At Gibraltar Mine, Awaits Union Ratification

Reported Saturday, Taseko Suspends Operations At Gibraltar Mine Due To Unresolved Union Negotiations

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer recommends <a href="https://www.benzinga.com/news/24/05/38792825/are-retail-wholesale-stocks-lagging-abercrombie-fitch-this-year">buying Abercrombie &amp; Fitch Co</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>).
Abercrombie &amp; Fitch is scheduled to report its first-quarter earnings on Wednesday. Analysts expect the company to report quarterly earnings at $1.56 per share on revenue of $941.66 million.
Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>) is a &#8220;great spec,&#8221; Cramer said. He recommended buying the stock.
On May 2, Taseko Mines posted downbeat first-quarter earnings, while sales topped expectations.
The &#8220;Mad Money&#8221; host said he is &#8220;not a big fan&#8221; of Excelerate Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EE#NYSE">EE</a>).
On May 8, Excelerate Energy posted stronger-than-expected quarterly earnings.
&#8220;Winner winner chicken dinner,&#8221; Cramer said when asked about Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>). &#8220;That's a juggernaut.&#8221;
On May 14, Evercore ISI Group analyst Michael Morris maintained Sprouts Farmers Market with an In-Line and raised the price target from $68 to $70.
Cramer said Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) is &#8220;just a winner&#8221; and recommended buying the stock.
On April 30, Ecolab reported quarterly adjusted earnings per share of $1.34, which is in line with the Street view. Quarterly sales of $3.752 billion beat the analyst consensus of $3.748 billion.
Price Action:
<ul>
<li>Abercrombie &amp; Fitch shares gained 2.9% to settle at $139.61 on Friday.</li>
<li>Taseko Mines shares gained 9.2% to close at $2.97.</li>
<li>Excelerate Energy shares gained 0.1% to settle at $18.65 on Friday.</li>
<li>Sprouts Farmers Market shares rose 1.5% to settle at $78.57.</li>
<li>Ecolab shares rose 0.4% to close at $233.66 on Friday.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/38893373/insiders-buying-turtle-beach-and-3-other-stocks">Insiders Buying Turtle Beach And 3 Other Stocks</a>
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Jim Cramer Says This Materials Stock Is A 'Great Spec,' Plus He Recommends Buying Abercrombie & Fitch

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
Photo: Shutterstock

Macro Economic Events

Economics

COPX

Market Vectors ETF Trust Market Vectors Gold Miners

Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks' Wild Ride

SCCO

Shares of copper-related companies are trading higher as copper rises amid Chinese measures to support the property sector.

Taseko Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>) reported quarterly earnings of C$0.03 per share which missed the analyst consensus estimate of C$0.04 by 25 percent. This is a 50 percent increase over earnings of C$0.02 per share from the same period last year. The company reported quarterly sales of C$146.947 million which beat the analyst consensus estimate of C$128.115 million by 14.70 percent. This is a 27.21 percent increase over sales of C$115.519 million the same period last year.

Taseko Mines Q1 2024 Adj EPS C$0.03 Misses C$0.04 Estimate, Sales C$146.947M Beat C$128.115M Estimate

TD Securities analyst Shane Nagle maintains Taseko Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>) with a Buy and raises the price target from C$3.25 to C$3.5.

Price Target

Analyst Ratings

TD Securities Maintains Buy on Taseko Mines, Raises Price Target to C$3.5

Taseko Acquires 100% Of Gibraltar Mine; Acquisition Consists Of Minimum Ammount Of $117M Payable Over Ten-Year Periord And Contingent Payments Depending On Copper Prices And Gibraltar's Cashflow; Initial $5M Paid To Dowa And Furukawa Following Closing

Taseko Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>) reported quarterly adjusted earnings of $0.058 per share which missed the analyst consensus estimate of $0.06 by 3.33 percent. This is a 480 percent increase over earnings of $0.01 per share from the same period last year. The company reported quarterly sales of $122.92 million which beat the analyst consensus estimate of $115.58 million by 6.35 percent. This is a 64.09 percent increase over sales of $74.91 million the same period last year.

Taseko Mines Q4 Adj. EPS $0.058 Misses $0.06 Estimate, Sales $122.92M Beat $115.58M Estimate

Taseko Mines Limited (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TKO#TSX">TKO</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>) (LSE: TKO) ("Taseko" or the "Company") is pleased to provide an update on financing and construction progress at its Florence Copper project.
On January 15, 2024, the Company signed a definitive agreement with Taurus Mining Royalty Fund L.P. ("Taurus") for the previously announced sale of a US$50 million royalty. The royalty will be for 1.95% of the gross revenue from the sale of all copper from Florence Copper. Funding of the US$50 million is subject to customary closing conditions, and proceeds are expected to be received in early February. The Company also expects to&nbsp;drawdown the first US$10 million of the US$50 million Mitsui financing later this month. With these financings in hand, construction activities at Florence will be accelerating.
To date, site activities have focussed on site preparations, earthworks and civil work for the commercial wellfield. The initial drilling contracts are now being finalized, with drilling of the commercial facility&nbsp;wellfield to commence in February. Additionally, the Company expects to sign a fixed-price contract with TIC&nbsp;Kiewit as general contractor for construction of the SX/EW plant and associated surface infrastructure. All the major plant components are onsite and the build will begin in the second quarter of this year.
Stuart McDonald, President &amp; CEO of Taseko, commented, "Signing of the Taurus royalty agreement is another positive milestone for the project. We are excited to be ramping up construction activities at Florence Copper, which will soon be a major new supplier of low-carbon copper cathode to the US market.&nbsp;
Site preparations and civil work are well advanced, and we're looking forward to commencing wellfield drilling, with four rigs planned to be onsite initially. Construction of the SX/EW plant and other infrastructure represents a significant portion of the remaining project spend, and a fixed-price contract with TIC Kiewit will reduce inflationary risks, as Arizona continues to be a very active construction market. Our early work on detailed engineering and procurement of long-lead items has significantly de-risked the construction schedule and we're tracking towards first copper production in the fourth quarter of 2025. We're taking a disciplined approach to the&nbsp;buildout of the commercial facility at Florence, while our existing operations at the Gibraltar Mine continue to generate good cashflows in a strong copper price environment."
"As an existing copper producer, Taseko is in an enviable and unique position with near-term, low cost production growth coming from a fully-permitted and environmentally beneficial copper project. With copper now added to the US Department of Energy's critical materials list, market interest in our project and future copper production remains strong," added Mr. McDonald.
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.

Contracts

Asset Sales

Taseko Provides Financing And Construction Update For The Florence Copper Project; Says All The Major Plant Components Are Onsite And The Build Will Begin In Q2 Of This Year

Taseko Mines Limited (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TKO#TSX">TKO</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>) (LSE: TKO) ("Taseko" or the "Company") is pleased to announce that the Gibraltar mine produced 34 million pounds of copper and 369 thousand pounds of molybdenum in the fourth quarter of 2023.&nbsp; For the full year, Gibraltar produced 123 million pounds of copper, well above guidance and 26% higher than the previous year.
Copper production in the fourth quarter was supported by strong copper grades of 0.27% with ore from the lower benches of the Gibraltar pit. Mill throughput in the quarter averaged 83,000 tons per day and was impacted by additional downtime for maintenance and monitoring of the ball mill in concentrator #2.&nbsp;
Copper sales volumes in the fourth quarter were 36 million pounds, and year-end concentrate inventories remained above normal levels.
Stuart McDonald, President and CEO of Taseko, commented, "The strong finish to 2023 is expected to continue in 2024 as the Gibraltar pit will remain the main source of ore for the first half of this year."
Note: Production and sales volumes stated in this release are on a 100% basis.
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.

Taseko Announces A 26% Increase In Annual Copper Production From Its Gibraltar Mine; Produced 34M Pounds Of Copper And 369K Pounds Of Molybdenum In Q4 Of 2023

Press Releases

Taseko Mines Provides Construction Update for Florence Copper

Taseko to Release Third Quarter 2024 Results

Taseko Reports Third Quarter 2024 Operational Performance and $48 Million of Adjusted EBITDA

Management

Taseko Mines Announces the Appointment of Crystal Smith to its Board of Directors

Taseko Announces 2024 Production Results and Amendment to Gibraltar Silver Stream

Comments

Taseko Mines

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PARTENAIRE / CONTRIBUTEUR

BENZINGA MONDIAL