BMO Capital Markets on Friday maintained its outperform rating on the shares of Taseko Mines (TKO.TO) while raising its price target to C$5.00 from an undisclosed prior level after the company resolved a disagreement with the the Tsilhqot'in Nation in British Columbia over the New Prosperity copper and gold project in the province.
"Taseko announced it reached an agreement with the Tsilhqot'in Nation and the Province of British Columbia to resolve a long-standing conflict relating to New Prosperity. In our view, the financial consideration received by Taseko is meaningful, particularly for a project that is likely excluded from most estimates, and provides balance sheet flexibility through the remainder of Florence construction and ramp-up. Given the ownership interest in the project, and the potential for advancement, the agreement inherently provides Taseko optionality on a large-scale development project in Canada. Target price increases to $5.00," analyst Rene Cartier wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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