VANCOUVER, July 8, 2013 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE
MKT: TGB) (the "Company") announces 2013 second quarter production of
28.1 million pounds of copper, a 21% increase over the prior quarter.
Molybdenum production for the second quarter was 333 thousand pounds.
Both production amounts are stated on a 100% basis.
Total sales of copper in the second quarter rose by 25% to 27.8 million
pounds as a result of increased production as well as improved
inventory and logistics management. Molybdenum sales were 317 thousand
pounds. Taseko's 75% share of second quarter sales was 20.9 million
pounds of copper and 238 thousand pounds of molybdenum.
Ramp up of the new concentrator progressed during the second quarter as
operations and maintenance crews continued to fine tune and optimize
equipment and operating parameters. The new concentrator has met all
expectations and is beginning to consistently achieve throughput and
recovery design criteria.
Overall availability of both concentrators was 83% for the quarter, 11%
lower than the targeted rate of 93.5%. Copper recoveries in both
concentrators improved during the second quarter, averaging 86%, and
remain a focus. It is expected that by the fourth quarter, recoveries
will be at the design rate of 89%.
Russell Hallbauer, President and CEO of Taseko, commented, "We continue
to be very pleased with the ongoing ramp up of our new concentrator and
have been addressing our copper recovery issues as we incorporate both
plants into a single production unit. We expect to see continued
increases in monthly copper and molybdenum production as we achieve
full milling capacity in the months ahead."
Mr. Hallbauer continued, "With the increased production, our unit costs
have already started to decline and will continue to do so in the back
half of 2013. At current copper prices we expect strong operating
Our focus on constructing and commissioning the new plant on time and on
budget, combined with operating cost reductions, will generate a very
compelling Return on Investment and strong cash flow going forward,
even during periods of volatile metal markets."
Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%)
and Cariboo Copper Corp. (25%). All production figures are reported on
a 100% basis.
President and CEO
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" that were based on
Taseko's expectations, estimates and projections as of the dates as of
which those statements were made. 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 included but are not limited to:
uncertainties and costs related to the Company's exploration and
development activities, such as those associated with continuity of
mineralization or determining whether mineral resources or reserves
exist on a property;
uncertainties related to the accuracy of our estimates of mineral
reserves, mineral resources, production rates and timing of production,
future production and future cash and total costs of production and
uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from a
uncertainties related to our ability to complete the mill upgrade on
time estimated and at the scheduled cost;
uncertainties related to the ability to obtain necessary licenses
permits for development projects and project delays due to third party
uncertainties related to unexpected judicial or regulatory proceedings;
changes in, and the effects of, the laws, regulations and government
policies affecting our exploration and development activities and
mining operations, particularly laws, regulations and policies;
changes in general economic conditions, the financial markets and in the
demand and market 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 exchange
rates, particularly with respect to the value of the U.S. dollar and
Canadian dollar, and the continued availability of capital and
the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the risks
of counterparty defaults, and mark to market risk;
the risk of inadequate insurance or inability to obtain insurance to
cover mining risks;
the risk of loss of key employees; the risk of changes in accounting
policies and methods we use to report our financial condition,
including uncertainties associated with critical accounting assumptions
environmental issues and liabilities associated with mining including
processing and stock piling ore; and
labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or other
events or occurrences, including third party interference that
interrupt the production of minerals in our mines.
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.
SOURCE: Taseko Mines Limited
For further information:
For further information on Taseko, please see the Company's website www.tasekomines.com or contact:
Brian Bergot, Director, Investor Relations - 778-373-4533 or toll free 1-877-441-4533