Taseko Mines Ltd - North America-focused mining company - Produces 35 million pounds of copper and 369,000 pounds of molybdenum at the Gibraltar mine in the third quarter of 2023. Says the 25% quarter-on-quarter increase in copper production was a result of high grades, improved recoveries and increased mill throughput. Says the 60% quarter-on-quarter increase in molybdenum production was also due to higher grades, as well as mining progressing deeper into the Gibraltar pit. Explains that a port workers strike in July results in shipping delays and a build-up of copper concentrate inventory, resulting in third-quarter sales volumes lagging production by three million pounds. Notes this excess inventory is expected to be shipped and sold in the fourth quarter.
Taseko is the operator and 88% owner of the Gibraltar mine, located in British Columbia, Canada.
Current stock price: 104.00 pence
12-month change: down 1.9%
By Heather Rydings, Alliance News senior economics reporter
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Taseko Mines L. (TKO)