Less Ads, More Data, More Tools Register for FREE

Taseko Meets Production Guidance Despite Canadian Rail Strike

Thu, 09th Jan 2020 10:59

(Alliance News) - Recently-floated Taseko Mines Ltd on Thursday said it achieved its full-year output target at the Gibraltar mine in Canada, despite operations being hurt by a rail strike in November which impacted shipments of concentrate.

In the year ended December 31, copper production rose by 0.6% year-on-year to 126 million pounds, about 57,152 tonnes, from 125.2 million pounds in 2018. Production of molybdenum, an element often used as an alloy in steel, rose by 13% to 2.7 million pounds from 2.4 million pounds.

Taseko, which began trading on the London Stock Exchange in November, sold 122 million pounds of copper during 2019, down 3.6% year-on-year from 126.5 million.

Molybdenum sales rose 22% to 2.8 million pounds from 2.3 million pounds last year.

Train operators at Canadian National Railway went on strike in November, after months of contract talks failed, effectively shutting down the largest rail network in Canada.

Chief Executive Russell Hallbauer said: "We are pleased to have met the annual production guidance that we provided 12 months ago. We achieved our production target for the year despite the CN rail strike in November, which impacted Gibraltar concentrate shipments for 11 days and also forced us to adjust our mine plan to reduce production due to limited concentrate storage capacity."

Vancouver-based Taseko has a 70% share in the British Columbia mine alongside Cariboo Copper Corp, a subsidiary of Tokyo-headquartered Sojitz Corp.

Shares in the company were untraded in London on Thursday morning, last quoted at 44.90 pence each.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
3 Jun 2024 11:58

LONDON MARKET MIDDAY: FTSE 100 up, while Labour commits to defence

(Alliance News) - Stock prices in London were up at midday, after data from S&P Global signalled a return to growth for the UK manufacturing sector.

3 Jun 2024 09:09

TOP NEWS: Taseko Mines suspends operations at Gibraltar mine in Canada

(Alliance News) - Taseko Mines Ltd on Monday said it has suspended operations at the Gibraltar mine in British Columbia after it failed to reach an ag...

3 Jun 2024 08:37

LONDON MARKET OPEN: Stocks up amid slew of manufacturing PMIs

(Alliance News) - Stock prices in London opened higher on Monday, ahead of local purchasing managers index data, and comparative prints from several o...

3 Jun 2024 08:00

LONDON BRIEFING: FTSE 100 seen up; GSK defends ranitidine cancer claim

(Alliance News) - Stocks in London are set to open higher on Monday, ahead of a data-heavy week, kicked off by a slew of manufacturing purchasing mana...

1 Jun 2024 13:58

DIRECTOR DEALINGS: Coca-Cola HBC, M&S and Elementis execs sell shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced this week and not separately...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.