VANCOUVER, Jan. 9, 2020 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to announce fourth quarter and annual production and sales from the Gibraltar Mine.
Total production for the year was 126 million pounds of copper and 2.7 million pounds of molybdenum, both slightly higher than in 2018. In the fourth quarter, production totaled 33.4 million pounds of copper and 700 thousand pounds of molybdenum, similar to the levels achieved in the prior quarter. Total sales for the year were 122 million pounds of copper and 2.8 million pounds of molybdenum. Throughput in the fourth quarter was at design capacity and grade was approximately life of mine average.
Russell Hallbauer, CEO and Director of Taseko, stated, "We are pleased to have met the annual production guidance that we provided 12 months ago. We achieved our production target for the year despite the CN Rail strike in November, which impacted Gibraltar concentrate shipments for 11 days and also forced us to adjust our mine plan to reduce production due to limited concentrate storage capacity. As a result, fourth quarter production and sales were slightly lower than plan. Concentrate inventory at year end remained similar to the previous quarter level."
"We also issued a new form of reclamation security for Gibraltar, which resulted in $36 million of cash being released to Taseko in the fourth quarter. Looking forward, with a stronger copper price than what was averaged in 2019, combined with lower treatment and refining costs, we expect an improved operating margin to begin the new year."
Note: Gibraltar is a Joint Venture owned by Taseko (75%) and Cariboo Copper Corp. (25%). All production and sales figures in this release are reported on a 100% basis, unless otherwise noted.
Chief Executive Officer and Director