By Robb M. Stewart
Taseko Mines is targeting a jump in copper output this year with increased mill availability, which would mark a rebound after production fell in 2024.
On guidance:
The Canadian miner said Thursday its Gibraltar mine in central British Columbia is expected to produce between 120 million and 130 million pounds of copper in 2025. Output is expected to be weighted toward the second half of the year.
On 2024 production:
The Vancouver-based company's flagship mine produced 106 million pounds of copper, along with 1.4 million pounds of molybdenum last year. Sales volumes for the year reached 108 million pounds of copper and 1.4 million pounds of molybdenum. Gibraltar produced 123 million pounds of copper in 2023, 26% higher than the year before.
In March, Taseko struck a deal to buy the outstanding 12.5% of Gibraltar not already owned from Dowa Metals & Mining and Furukawa for at least 117 million Canadian dollars ($81.4 million), payable over a 10-year period. The transaction closed in December.
The company said milling operations at Gibraltar have been running smoothly since the completion of planned maintenance work in July. Mill throughput averaged more than 89,000 metric tons a day in the fourth quarter, 5% over design capacity, resulting in copper production of 29 million pounds for the period.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 09, 2025 09:30 ET (14:30 GMT)
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