Taseko Mines Ltd - operates open-pit Gibraltar copper mine in British Columbia, Canada - Says it produced 106 million pounds of copper and 1.4 million pounds of molybdenum in 2024 at the Gibraltar copper mine. Taseko bought the mine in March 2024 for C$117 million, around £68.2 million at the time. Chief Executive Officer Stuart McDonald says: ‘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 pounds for the period. Looking ahead to 2025, increased mill availability is expected to result in annual copper production of 120 to 130 million pounds, a significant increase over last year, although production is expected to be weighted to the second half of the year.
He adds: ’The silver stream amendment follows our acquisition of the remaining 12.5% Gibraltar joint venture interest last March, and the additional cash proceeds further strengthen our balance sheet during this period of construction spending at Florence Copper.‘
Current stock price: 164.75 pence each, up 3.0% on Thursday afternoon in London
12-month change: up 46%
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