Sunday, February 5, 2023

Taseco announces Gibraltar mine sales and production results

Copper sales in the fourth quarter were 26 million pounds and production was 27 million pounds.

Taseko Mines Ltd announced that 2022 copper sales are set to reach £101 million, with the Gibraltar mine producing £97 million.

Copper sales in the fourth quarter were 26 million pounds and production was 27 million pounds.

Stuart McDonald, Taseco’s president and chief executive, said mill throughput was above design capacity in the months of October and November, but production in December was affected by unplanned mill downtime, including a site-wide power outage at the end of the month Was.

They reported that although the power outage only lasted 24 hours, severe cold temperatures of −35 °C (−31 °F) immediately shut down many essential systems in the mills, requiring several days to resume milling operations. I got delayed.

However, operations staff did a good job of safely returning milling operations to full capacity by the end of the month, without damaging any critical systems.

It should be noted that mill production averaged just 63,000 t/d in December as compared to 88,000 t/d in October and November. Copper recovery in the fourth quarter was 82%.

“Molybdenum production of 360,000 pounds – in the fourth quarter – was the best of 2022. The strong price of molybdenum, which rose nearly 75% to more than US$30 per pound by the end of the year, is expected to drive strong -product credits in the quarters ahead,” added McDonald.

He said mining operations have progressed deep into the Gibraltar Pit and have been largely unaffected by the recent severe winter weather and power outages.

Copper grades in the fourth quarter were similar to the third quarter due to the continued impact of further dilution at the mine.

We are taking a number of initiatives to reduce the higher than normal mine dilution we are experiencing in the Gibraltar deposits. With milling operations stabilizing, we expect improved production in the first quarter and a more consistent quarterly production profile through 2023.”

The Gibraltar mine, 75% owned by Taseco, is located north of the town of Williams Lake in south-central British Columbia. The production and sales volumes indicated in this press release are 100%.

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