Taseko Announces 2019 Operational Guidance Achieved at Gibra
VANCOUVER, Jan. 9, 2020 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to announce fourth quarter and annual production and sales from the Gibraltar Mine.
Total production for the year was 126 million pounds of copper and 2.7 million pounds of molybdenum, both slightly higher than in 2018. In the fourth quarter, production totaled 33.4 million pounds of copper and 700 thousand pounds of molybdenum, similar to the levels achieved in the prior quarter. Total sales for the year were 122 million pounds of copper and 2.8 million pounds of molybdenum. Throughput in the fourth quarter was at design capacity and grade was approximately life of mine average.
Russell Hallbauer, CEO and Director of Taseko, stated, "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. As a result, fourth quarter production and sales were slightly lower than plan. Concentrate inventory at year end remained similar to the previous quarter level."
"We also issued a new form of reclamation security for Gibraltar, which resulted in $36 million of cash being released to Taseko in the fourth quarter. Looking forward, with a stronger copper price than what was averaged in 2019, combined with lower treatment and refining costs, we expect an improved operating margin to begin the new year."
Note: Gibraltar is a Joint Venture owned by Taseko (75%) and Cariboo Copper Corp. (25%). All production and sales figures in this release are reported on a 100% basis, unless otherwise noted.
Chief Executive Officer and Director
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" within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward looking statements") that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Any statements that express, or involve discussions as to, expectations, believes, plans, objectives, assumptions or future events or performance that are not historical facts, are forward-looking statements. 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 include but are not limited to:
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.sedar.com, including the "Risk Factors" included in our Annual Information Form.
SOURCE Taseko Mines Limited