Taseko Mines (TSX: TKO) stated increased mill availability at its Gibraltar copper mine will mean annual production of 120 to 130 million pounds, representing a significant production increase over 2024. However, the company stressed this increased production will occur in the latter part of the year.
Taseko owns and operates the Gibraltar copper-molybdenum mine, located in south-central British Columbia. It is the second largest open pit copper mine in Canada and the largest employer in the Cariboo region.
Teseko Mines also released its 2024 production numbers for the Gibraltar miner. Company officials stated copper and molybdenum production for the year was 106 million pounds and 1.4 million pounds, respectively. The company reported that sales volumes for the year were 108 million pounds of copper and 1.4 million pounds of molybdenum.
Stuart McDonald, president and CEO of Taseko, commented, “Since completion of the planned major maintenance activities in July, milling operations at Gibraltar have been running smoothly. Mill throughput averaged over 89,000 tons per day in the fourth quarter, 5% over design capacity, resulting in copper production of 29 million pounds for the period.”
In late December, Teseko Mines closed a transaction with Osisko Gold Royalties to amend the Gibraltar silver steam agreement, increasing the attributable silver percentage from 87.5% to 100%. In exchange, Taseko has received an additional cash payment of US$12.7 million.
McDonald added, “The silver stream amendment follows our acquisition of the remaining 12.5% Gibraltar joint venture interest last March, and the additional cash proceeds further strengthen our balance sheet during this period of construction spending at Florence Copper.”
The Gibraltar open pit mine and related facilities are located 65 km north of the City of Williams Lake, B.C. Williams Lake is approximately 590 km north of Vancouver, British Columbia. The Gibraltar Mine property consists of 32 mining leases covering 2,275 ha, 215 mineral claims covering 21,425 ha and five optioned claims covering 2,888 ha.
Taseko acquired the Gibraltar mine in 1999. The company now considers the mine to be its foundational asset. Analysts have stated Gibraltar will be able to support copper and molybdenum production until at least 2044.
More information about Taseko and/or the Gibraltar project is posted on www.TasekoMines.com.
January 9, 2025
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