Taseko Mines Ltd on Thursday said second-half production will be stronger than in the first half, following the resolution of a strike and the end of planned downtime at its Gibraltar mine in Canada.

The Vancouver-based copper producer reported a net profit of C$7.9 million, about £4.5 million, in the first half of 2024, down sharply from C$43.8 million a year prior.

Notably, in the second quarter, it swung to a loss of C$11.0 million from a profit of C$10.0 million a year prior.

Revenue rose 25% to C$284.7 million from C$227.4 million in the first half. In the second quarter, revenue climbed 23% to C$137.7 million from C$111.9 million a year ago.

Notably, in the second quarter, the cost of sales increased 8.8% to C$108.6 million from C$99.9 million a year prior.

Taseko Mines said it mined 41.2 million tonnes of copper at its Gibraltar mine in Canada in the first half of 2024, down 13% from 47.5 million a year ago.

Back in June, Taseko had suspended operations at the mine for 18 days after the unionised workforce informed the company they planned to take strike action. In mid-June, the company said they reached a tentative labour agreement. Further, production had been impacted by planned downtime for the in-pit crusher relocation and other maintenance.

Looking ahead, Taseko said: ‘With the major project and maintenance work in both concentrators now completed, production in the second half of 2024 is expected to be stronger than the first half of 2024. An updated mine plan and mill throughput opportunities are being evaluated to recover some of the production that was lost during the strike. Copper production for the year is expected to be in the range of 110 to 115 million pounds, compared to original guidance of approximately 115 million pounds.’

Referencing its Florence copper mine in Arizona, Chief Executive Officer Stuart McDonald said: ‘We’re pleased with the initial construction progress at Florence as all key activities are advancing on schedule. We’ve also had good success in recruiting key management and technical roles for the commercial operation and now have nearly half of the 170 permanent positions filled. Many of these positions have been filled by local Arizonans and there is excitement about participating in the development of America’s next copper mine. The project remains on schedule for first copper production in the fourth quarter 2025.’

Taseko shares were flat at 170.00 pence each on late Friday morning in London.

Copyright 2024 Alliance News Ltd. All Rights Reserved.