11:28Tháng 11 30, 2021MT Newswires

MT Newswires Canada Overnight Stocks To Watch: MEG Energy; Taseko

MEG Energy Corp. (TSX: MEG) announced overnight Monday its 2022 capital investment plan and operational guidance. Highlights include: 2022 capital budget of C$375 million; and 2022 production guidance of 94,000 to 97,000 barrels per day (bbls/d) which takes into account a planned major turnaround expected to impact full year production by approximately 6,000 bbls/d; and 2022 non-energy operating costs and general and administrative expense guidance of $4.50 to $4.80 per barrel and $1.70 to $1.85 per barrel, respectively.

Also, concurrently, MEG issued a notice to redeem US$225 million (approximately $285 million) of MEG's 6.50% senior secured second lien notes due January 2025; and due to the positive rate of change in expected future free cash flows resulting from the current commodity price environment, MEG intends to begin allocating a portion of free cash flow generated to shareholder returns in 2022 while continuing to prioritize ongoing debt reduction.

Meanwhile, Taseko Mines Limited (TSX: TKO and NYSE MKT: TGB and LSE: TKO) announced that its unionized workforce at the Gibraltar Mine has ratified a new, long-term labour agreement. The new agreement will be in place until May 31, 2024. Stuart McDonald, President and CEO, said, "We believe the agreement reached this month will set the stage for successful operations at Gibraltar for years to come, with resulting benefits for all Taseko stakeholders, including our employees and the people and communities of the Cariboo region."

McDonald added, "Recent flooding in southern British Columbia has not had any impact on production at the Gibraltar Mine, but damage to rail and highway infrastructure has prevented transportation of copper concentrate to the Port of Vancouver over the last two weeks. Rail service is now resuming and is expected to gradually return to normal, but the recent disruptions will impact fourth quarter sales volumes which could be significantly lower than copper production for the period. Any excess concentrate inventory at year-end will be sold in the first quarter of 2022."