10:56 AM EDT, 04/08/2024 (MT Newswires) -- Fitch Ratings said Monday that it has assigned a B-/RR4 to Taseko Mines' ( TGB ) proposed US$500 million senior secured second lien six-year notes.

The company plans to use the proceeds to fund the repayment of the US$400 million senior secured notes due 2026 and for general corporate purposes.

Fitch has a long-term issuer default rating of B- on the company, and rates its secured revolving credit facility at BB-/RR1 and its US$400 million senior secured notes at B-/RR4. The rating outlook is stable.

"The ratings reflect Taseko's small size, concentration on one operation and cost position in the fourth quartile of the global copper cost curve," the rating agency said.

The company's shares edged up 2.5% on last look on Monday in Canada.

Price: 3.30, Change: +0.09, Percent Change: +2.80