March 28, 2024

Gibraltar mine produces 21.3M pounds copper

VANCOUVER – Taseko Mines Ltd. (TSX:TKO) said Wednesday that its Gibraltar mine produced 21.3 million pounds of copper and 324,000 pounds of molybdenum in the third quarter.

The results compared with 25.7 million pounds of copper and 265,000 pounds of molybdenum produced in the third quarter of 2010, and 20 million pounds of copper and 300,000 pounds of molybdenum in the second quarter of 2011.

Taseko owns a 75 per cent stake in Gibraltar, while Cariboo Copper Corp. owns the remaining 25 per cent.

The company said its share of Gibraltar’s sales totalled 21.8 million pounds of copper and 239,500 pounds of molybdenum for the quarter.

It announced plans earlier this year to spend $ 235 million for a new concentrator and molybdenum plant to increase annual copper production at Gibraltar Mine by about 30 per cent.

The Vancouver-based company wants to increase production at the mine by approximately 60 million pounds to 180 million pounds.

The project includes a new molybdenum recovery plant, which is expected to increase molybdenum metal production by over one million pounds per year.

In addition to Gibraltar, Taseko is working to develop the Prosperity mine and several other development stage projects in B.C.

The Prosperity project was killed by Ottawa last year after a negative environmental assessment of a plan that would have turned Fish Lake into a tailings pond.

The company has since reworked its design to save the lake and is hoping to revive the proposed mine.

The new plan adds $ 300 million in capital and operating costs to the project, which was previously expected to cost about $ 800 million.

Local news from metronews.ca/vancouver

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