Taseko Mines Boosts Output at Gibraltar Mine
Taseko Mines reported an increase in output from its Gibraltar mine in the third quarter of the year. However, sales were affected by shipping delays due to a strike by port workers on Canada's west coast in early July.
Increased Production
The majority-owned mine, located in south-central British Columbia, produced 35 million pounds of copper and 369,000 pounds of molybdenum in the latest quarter. This marked an improvement from second-quarter production, which stood at 28 million pounds of copper and 230,000 pounds of molybdenum. Taseko attributed this increase to higher grades, improved recoveries, and increased mill throughput.
Shipping Delays Impact Sales
Sales volumes from the Gibraltar mine fell short of quarterly production by 3 million pounds. Taseko anticipates that the excess inventory will be shipped and sold in the final quarter of 2023. It is worth noting that Gibraltar will serve as the company's primary source of ore for the remainder of the year.
Positive Outlook
Taseko recently obtained the final permit from U.S. environmental regulators for its Florence copper project in Arizona. As a result, the company has projected copper production at Gibraltar to reach 115 million pounds for the full year.
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