Shares of Taseko Mines Ltd. (TSE:TKO) plummeted by more than 5% on Wednesday morning after the Canadian mining company reported disappointing third-quarter earnings results.
Despite an 8.2% increase in revenue compared to the same period last year, Taseko Mines reported a net loss of CAD 180,000 for the third quarter of 2024, a significant decline from the CAD 871,000 profit it posted in Q3 2023. Earnings per share also turned negative at CAD 0.001 loss, compared to a CAD 0.003 profit in the prior-year quarter.
The weak financial performance was a setback for the mining company, which has been forecasting strong growth in the coming years. Analysts had expected Taseko Mines to maintain profitability, with revenue projected to grow by 19% annually on average over the next three years.
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