06:28 AM EDT, 08/01/2024 (MT Newswires) -- Taseko Mines ( TGB ) late on Wednesday said it swung to an adjusted net income in the second quarter as revenues increased.

Second-quarter adjusted net income came in at $30.5 million, or $0.10 per share, swinging from a loss of $4.4 million, or a loss of $0.01 per share. The result beat the S&P Capital IQ consensus normalized EPS estimate of a loss of $0.01 for the second quarter.

Revenues rose to $137.7 million from $111.9 million. Adjusted EBITDA also increased to $70.8 million from $22.2 million.

As previously disclosed, the company produced 20.2 million pounds of copper in the second quarter, down 8% from 28.2 million pounds in the year-ago quarter.

"This was our first full quarter with 100% ownership of Gibraltar and despite the operational disruptions, the mine's financial performance was quite strong as we generated $35 million of operating cashflow," said Stuart McDonald, President and CEO of Taseko. "With all of the major project and mill maintenance work now completed at Gibraltar, we're looking forward to stronger copper production and cashflow generation in the second half."

Taseko also said it has all key permits in place for the commercial production facility at the Florence copper project. Construction has commenced and first copper production is expected in the fourth quarter of 2025.