Taseko
Mines: Labour Agreement Ratified at Gibraltar
Mine
VANCOUVER, BC, June
19, 2024 -- Taseko Mines Limited (TSX: TKO) (NYSE
MKT: TGB) (LSE: TKO) ("Taseko" or the "Company") announced
today that the union representing workers at its Gibraltar Mine has
now ratified the previously announced tentative agreement. The new
agreement will be in place until May 31,
2027.
Gibraltar workers have
been recalled and mining operations and milling in concentrator #2
are restarting today. Concentrator #1 will remain idle while the
crusher relocation project and other scheduled maintenance is being
completed.
Stuart McDonald
President and CEO
No regulatory authority has
approved or disapproved of the information contained in this news
release.
Caution Regarding Forward-Looking
Information
This document contains "forward-looking statements" that
were based on Taseko's expectations, estimates and projections as
of the dates as of which those statements were made. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "outlook", "anticipate",
"project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.
Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
Company's actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking statements. These included but are
not limited to:
- uncertainties about the future market price of copper and
the other metals that we produce or may seek to
produce;
- changes in general economic conditions, the financial
markets, inflation and interest rates and in the demand and market
price for our input costs, such as diesel fuel, reagents, steel,
concrete, electricity and other forms of energy, mining equipment,
and fluctuations in exchange rates, particularly with respect to
the value of the U.S. dollar and Canadian dollar, and the
continued availability of capital and financing;
- uncertainties resulting from the war in Ukraine, and the accompanying international
response including economic sanctions levied against Russia, which has disrupted the global
economy, created increased volatility in commodity markets
(including oil and gas prices), and disrupted international trade
and financial markets, all of which have an ongoing and uncertain
effect on global economics, supply chains, availability of
materials and equipment and execution timelines for project
development;
- uncertainties about the continuing impact of the novel
coronavirus ("COVID-19") and the response of local, provincial,
state, federal and international governments to the ongoing threat
of COVID-19, on our operations (including our suppliers, customers,
supply chains, employees and contractors) and economic conditions
generally including rising inflation levels and in particular with
respect to the demand for copper and other metals we
produce;
- inherent risks associated with mining operations,
including our current mining operations at Gibraltar, and their potential impact on our
ability to achieve our production estimates;
- uncertainties as to our ability to control our operating
costs, including inflationary cost pressures at Gibraltar without impacting our planned copper
production;
- the risk of inadequate insurance or inability to obtain
insurance to cover material mining or operational
risks;
- uncertainties related to the feasibility study for
Florence copper project (the "Florence Copper Project" or "Florence
Copper") that provides estimates of expected or anticipated capital
and operating costs, expenditures and economic returns from this
mining project, including the impact of inflation on the estimated
costs related to the construction of the Florence Copper Project
and our other development projects;
- the risk that the results from our operations of the
Florence Copper production test facility ("PTF") and ongoing
engineering work including updated capital and operating costs will
negatively impact our estimates for current projected economics for
commercial operations at Florence Copper;
- uncertainties related to the accuracy of our estimates of
Mineral Reserves (as defined below), Mineral Resources (as defined
below), production rates and timing of production, future
production and future cash and total costs of production and
milling;
- the risk that we may not be able to expand or replace
reserves as our existing mineral reserves are mined;
- the availability of, and uncertainties relating to the
development of, additional financing and infrastructure necessary
for the advancement of our development projects, including with
respect to our ability to obtain any remaining construction
financing potentially needed to move forward with commercial
operations at Florence Copper;
- our ability to comply with the extensive governmental
regulation to which our business is subject;
- uncertainties related to our ability to obtain necessary
title, licenses and permits for our development projects and
project delays due to third party opposition;
- our ability to deploy strategic capital and award key
contracts to assist with protecting the Florence Copper project
execution plan, mitigating inflation risk and the potential impact
of supply chain disruptions on our construction schedule and
ensuring a smooth transition into construction;
- uncertainties related to First Nations claims and
consultation issues;
- our reliance on rail transportation and port terminals
for shipping our copper concentrate production from Gibraltar;
- uncertainties related to unexpected judicial or
regulatory proceedings;
- changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development
activities and mining operations and mine closure and bonding
requirements;
- our dependence solely on our 87.5% interest in
Gibraltar (as defined below) for
revenues and operating cashflows;
- our ability to collect payments from customers, extend
existing concentrate off-take agreements or enter into new
agreements;
- environmental issues and liabilities associated with
mining including processing and stock piling ore;
- labour strikes, work stoppages, or other interruptions
to, or difficulties in, the employment of labour in markets in
which we operate our mine, industrial accidents, equipment failure
or other events or occurrences, including third party interference
that interrupt the production of minerals in our mine;
- environmental hazards and risks associated with climate
change, including the potential for damage to infrastructure and
stoppages of operations due to forest fires, flooding, drought, or
other natural events in the vicinity of our operations;
- litigation risks and the inherent uncertainty of
litigation, including litigation to which Florence Copper could be
subject to;
- our actual costs of reclamation and mine closure may
exceed our current estimates of these liabilities;
- our ability to meet the financial reclamation security
requirements for the Gibraltar
mine and Florence Project;
- the capital intensive nature of our business both to
sustain current mining operations and to develop any new projects,
including Florence Copper;
- our reliance upon key management and operating
personnel;
- the competitive environment in which we
operate;
- the effects of forward selling instruments to protect
against fluctuations in copper prices, foreign exchange, interest
rates or input costs such as fuel;
- the risk of changes in accounting policies and methods we
use to report our financial condition, including uncertainties
associated with critical accounting assumptions and estimates; and
Management Discussion and Analysis ("MD&A"), quarterly reports
and material change reports filed with and furnished to securities
regulators, and those risks which are discussed under the heading
"Risk Factors".
For further information on Taseko, investors should review
the Company's annual Form 40-F filing with the United States
Securities and Exchange Commission www.sec.gov and home
jurisdiction filings that are available at www.sedarplus.ca,
including the "Risk Factors" included in our Annual Information
Form.
For further information on Taseko, see the Company's
website at www.tasekomines.com or contact: Investor enquiries
Brian Bergot, Vice President,
Investor Relations – 778-373-4554; Media enquiries: Sean Magee, Vice President, Corporate Affairs –
778-373-4533
