VANCOUVER, BC, January 13, 2022 /CNW/ – Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) Announces 2021 Copper Production of 112 Million Pounds at the Gibraltar Mine and Sales of 105 Million Pounds books. Molybdenum production and sales for the year were 2 million pounds. Fourth quarter copper production was 29 million pounds.
Stuart McDonald, President and CEO, said, “Despite major disruptions to road and rail infrastructure in southern British Columbia caused by severe rainstorms in November, we were still able to complete 24 million books of copper sales in the fourth quarter. Transit times for rail shipments are gradually improving and we plan to reduce copper inventories to Gibraltar in the first quarter of 2022.”
“Fourth quarter production was impacted by lower grades and ore recoveries mined in the upper benches of the Gibraltar pit. The increased oxidation and pyrite content of this ore has resulted in lower recovery, which we believe is a near-term issue that will be resolved. Ore quality will also improve as mining progresses deeper into the pit. In December, extreme snowfall and temperatures as low as minus 35 degrees Celsius also impacted mining equipment and plant availability, resulting in reduced plant throughput and the need to extract ore from lower quality stockpiles. Weather conditions have recently improved and plant throughput has stabilized allowing our technical team to focus on optimizing recoveries Gibraltar ore mine,” Mr. McDonald continued.
“At the Florence Copper Project, we completed our review of the proposed Underground Injection Control (“UIC”) permit in early December and no significant issues were identified. The U.S. Environmental Protection Agency Environment continues to advance its review process and recently advised the company that they expect to begin the public comment period for the project. UIC license in February.
The price of copper having exceeded today $4.50 per pound, 30 cents above the average price in 2021, we expect to maintain strong operating margins going forward. Sales of excess inventory of copper concentrate from Gibraltar will further strengthen our first quarter cash flow,” added McDonald.
Note: The Gibraltar mine, 75% owned by Taseko, is located north of the Town of Williams Lake in the center-south British Columbia. The production and sales volumes indicated in this press release are on a 100% basis.
President and CEO
No regulatory authority has approved or disapproved of the information contained in this press release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains “forward-looking statements” based on Taseko’s expectations, estimates and projections as of the dates such statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terms such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, ” intend to”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by these forward-looking statements. These include but are not limited to:
- uncertainties regarding the effect of COVID-19 and the response of local, state, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and our contractors) and economic conditions generally and in particular with respect to demand for the copper and other metals we produce;
- uncertainties and costs associated with the Company’s exploration and development activities, such as those associated with the continuity of mineralization or the determination of the existence of mineral resources or reserves on a property;
- uncertainties relating to the accuracy of our estimates of mineral reserves, mineral resources, production rates and production schedule, future production and future cash and total production and milling costs;
- uncertainties associated with feasibility studies that provide estimates of expected or anticipated costs, expenses and economic returns from a mining project;
- uncertainties relating to the ability to obtain necessary licenses for development projects and project delays due to third party opposition;
- uncertainties related to unexpected legal or regulatory proceedings;
- changes to and effects of governmental laws, regulations and policies affecting our exploration and development activities and our mining operations, in particular laws, regulations and policies;
- changes in general economic conditions, financial markets, and in the market demand and price for copper, gold, and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in currency exchange rates, particularly with respect to the value of the US dollar and the Canadian dollar, and the continued availability of capital and financing ;
- the effects of forward sale instruments to hedge against fluctuations in copper prices and movements in foreign exchange rates and counterparty default risks, and mark-to-market risk;
- the risk of inadequate insurance or the inability to obtain insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in the accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
- environmental issues and liabilities associated with mining, including ore processing and storage; and
- labor strikes, work stoppages or other interruptions or difficulties in the employment of the workforce in the markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including interference third parties who interrupt the production of minerals at our mines.
For more information about Taseko, investors should see the company’s annual Form 40-F filed with the United States Securities and Exchange Commission. www.sec.gov and home jurisdiction filings which are available at www.sedar.com, including the “Risk Factors” included in our Annual Information Form.