Taseko Mines (TKO.TO) on Monday said U.S import tariffs will not impact sales from its Gibraltar Mine in British Columbia. Based on the initial list of retaliatory tariffs published by the Government of Canada, the company does not expect any material impact on mine operating costs.

The Gibraltar mine produces copper and molybdenum concentrates that are sold to international metal traders and delivered to Asian markets. Offtake contracts are in place for the entirety of copper concentrate production through the end of next year, and no changes to these sales channels are expected during this period, Taseko said.

The Florence Copper Project is currently under construction in Arizona, and is expected to produce first copper in the fourth quarter of this year. Construction procurement activities are essentially complete, and all construction materials are already on site or being fabricated in the U.S. Florence is the only new copper mine being constructed in the U.S. and will be a major new supplier of refined copper cathode for the domestic market, Taseko added.

"Although these new tariffs will not directly impact our business, as a North America focussed copper producer we are hopeful that a more constructive trade relationship will emerge for copper and other critical minerals, for the benefit of both Canada and the United States. Going forward, we believe Canada must continue to diversify its economy by redoubling efforts to expedite development of critical mineral mines.," said Stuart McDonald, President & CEO of Taseko.

The company's shares were last seen down US$0.01, to US$1.85, in New York trading.