TSX, NYSE and LSE-listed Taseko, which operates the Gibraltar mine in British Columbia, reported revenues of C$135.6 million, an increase of 54% yoy. Adjusted net income was C$27.0 million, compared to a loss of C$5.8 million in Q3 2020.

Taseko benefited from the recent run up in copper prices. "Copper prices in the third quarter averaged US$4.25 per pound and are currently around US$4.30 per pound [compared to under US$3/lb a year earlier] and recently tested record levels again due to depleted warehouse inventories and a unique supply squeeze attributed to smelter closures resulting from an Asian and European energy crisis as well as continued supply chain challenges caused by the economic restart," Taseko said.

"The copper price outlook into 2022 remains quite favorable with many governments now focusing on increased infrastructure investment to stimulate economic recovery after the pandemic, including green initiatives, which will require new primary supplies of copper."

Analysis from Jefferies noted that copper supply is only slowly increasing in response to demand, painting a bullish picture for the medium term.

Production from  Gibraltar was 28.9 million pounds of copper, an increase of 5.6% year-on-year, thanks to higher ore processing, and higher grades. Taseko maintained a forecast of 120 million pounds of copper production in 2021.

Taseko shares were up 10% at 173.80p at 10.01 London time.