Taseko Mines announced an increase in copper production at its Gibraltar mine for 2024, reaching 120-130 million pounds. This boost is attributed to increased mill availability and smooth operations following major maintenance. The company also highlights the successful amendment of the silver stream agreement, securing 100% attributable silver percentage and an additional $12.7 million cash payment.
Taseko Mines (TSX: TKO) says increased mill availability at its Gibraltar copper mine will mean annual production of 120-130 million lb., 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. Taseko acquired Gibraltar in 1999 and restarted operations in 2004. It 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. On Thursday, the company released its 2024 production numbers for Gibraltar. Company officials stated copper and molybdenum production for the year was 106 million lb. and 1.4 million lb., respectively, while sales volumes for the year were 108 million lb. of copper and 1.4 million lb. of molybdenum. Stuart McDonald, 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 lb. for the period.” In late December, Taseko 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 $12.7 million. The silver stream amendment follows Taseko’s acquisition of the remaining 12.5% Gibraltar joint venture interest last March. According to McDonald, the additional cash proceeds will help further strengthen the company’s balance sheet during a period of construction at its Florence Copper project in Arizona.
Taseko Mines Gibraltar Copper Mine Production Increase Mill Availability Silver Stream Agreement
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