Taseko says Gibraltar mine output rose 26% to 123 million lb. copper in 2023
Taseko Mines (TSX: TKO; NYSE: TGB; LSE: TKO) said output from the Gibraltar mine in British Columbia rose to 123 million lb. of copper in 2023, well above guidance and 26% higher than the previous year.
The rise was supported by a strong fourth quarter during which 34 million lb. of copper and 369,000 lb. of molybdenum were produced.
Stuart McDonald, president and CEO of Taseko, said, “The strong finish to 2023 is expected to continue in 2024 as the Gibraltar pit will remain the main source of ore for the first half of this year.”
Taseko holds an 87.5% interest in the Gibraltar mine and Cariboo Copper holds the balance. Taseko paid C$60 million a year ago to buy out Sojitz Corp.’s 50% interest in Cariboo.
Last November, Taseko secured a $100 million financing for its other key project, the Florence development in Arizona. The in-situ copper recovery project and solvent extraction/electrowinning plant should reach commercial production in less than two years.