Taseko (TGB) is the owner (75%) and operator of the Gibraltar Mine, the second largest open pit copper-molybdenum mine in Canada. Taseko's New Prosperity Project, which is currently in the Environmental Assessment process, is one of the largest undeveloped gold-copper deposits in the world. In addition, the Aley Niobium and Harmony Gold projects are two longer term development opportunities that provide Taseko with a diverse project pipeline.

(click to enlarge)

Insider buys


The company reported the third-quarter financial results on October 31 with the following highlights:


Revenue $61.0 million
Net loss $3.9 million
Cash $200.8 million


Russell Hallbauer, President and CEO of Taseko, commented on October 31:

"With the ramp up of GDP2 effectively behind us and commissioning of GDP3 expected to commence later this quarter, we are in an enviable position heading into next year. 2013 will be a year of significant growth with the potential to nearly double our revenue with a commensurate increase in free cash flow and earnings. At the same time, exploration and evaluation expenditures will be approximately one half of 2012 levels as the majority of our project work is complete. This reduction in project expenditures will translate into near-term earnings improvements."

My analysis

The stock has a $8 price target from the Point and Figure chart. There have been 36 insider buy transactions and 10 insider sell transactions during the past six months. There are 0 analyst buy ratings, two neutral ratings and two sell ratings. The stock is trading at a P/E ratio of 41.29 and a forward P/E ratio of 6.88. The company has a Net Asset Value of $17.41 per share. I have a bullish bias for the stock currently.