Valued at $714 million by market cap, Taseko Mines (TGB) is a Canada-based mining company engaged in the acquisition, development, and operation of mineral deposits. Typically, the share prices of mining companies are closely tied to the commodity they mine. In the last 12 months, Taseko Mines stock has returned 75% due to higher copper prices (HGN24).
However, in the last week, the mining stock has lost 10% after it suspended operations at the Gibraltar copper mine in British Columbia. Taseko failed to reach an agreement with union workers, which led to the suspension of mining operations. This development will negatively impact revenue and earnings for Taseko in the near term, as Gibraltar is the second largest open-pit copper mine in Canada, producing 130 million lbs of copper each year.
