Taseko
Mines Reports Second Quarter Copper Production and Operational
Update for Gibraltar Mine
VANCOUVER, BC, July
15, 2024 -
Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO)
("Taseko" or the "Company") announces second quarter production
results of 20 million pounds of copper and 185,000 pounds of
molybdenum.
Metal
production in the second quarter was impacted by mill downtime for
the relocation of the in-pit crusher and concurrent maintenance
activities in concentrator #1, as well as a strike by the mine's
unionized workforce in June. The in-pit crusher move was completed
in late May but the final installation work and the other mill
maintenance was interrupted by the 18-day strike in June. This work
resumed following the strike, when contractors were able to return
to site, and is now completed. Concentrator #1 has restarted and is
in the process of ramping up to full capacity.
Concentrator
#2 has been running consistently and at improved throughput rates
since the repair work in January. An insurance claim has now been
finalized for this previous issue, and insurance proceeds of
US$22 million are expected to be
received in the third quarter.
Stuart McDonald, President & CEO of Taseko, commented,
"Production in the second half of 2024 is expected to be stronger
with the major project and maintenance work in both concentrators
completed.
An updated
mine plan and mill throughput opportunities are being evaluated to
recover some of the production that was lost during the
strike. Copper
production for the year is expected to be in the range of 110 to
115 million pounds, compared to original guidance of 115 million
pounds."
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
