Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) is pleased to announce that the Gibraltar Mine produced 35 million pounds of copper and 369 thousand pounds of molybdenum in the third quarter (100% basis).
Stuart McDonald, President and CEO of Taseko, commented, “The 25% quarter-over-quarter increase in copper production was a result of higher grades, improved recoveries and increased mill throughput. Mining in the Gibraltar pit is progressing on plan and the lower benches are providing the ore quality we expected. Molybdenum grades have also increased as mining has progressed deeper into the Gibraltar pit, resulting in a 60% increase in quarterly molybdenum production.”
A port workers strike in early July caused shipping delays and a build-up of Gibraltar copper concentrate inventory. As a result, third quarter sales volumes lagged production by three million pounds, and the excess inventory is expected to be shipped and sold in the fourth quarter.
Taseko is providing this third quarter production update in advance of an analyst and investor tour taking place at the Gibraltar Mine later today.
Presentation slides to be used during the tour will be available at
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