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Taseko reports improved copper production in second quarter

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(Kitco News) - Taseko Mines (TSX: TKO) announced Thursday that in Q2 2021, the Gibraltar mine produced 27 million pounds of copper and 400 thousand pounds of molybdenum.

The company said that in June, mining operations transitioned into higher-grade benches in the Pollyanna Pit which resulted in a 20% increase in copper production over the first quarter, in line with management expectations.

President and CEO Stuart McDonald added, "We continue to expect strong copper production in the second half of the year, which in the current price environment will lead to robust cashflows."

Taseko noted that the detailed engineering and procurement activities continue to advance at Florence and that the company is now preparing to make initial deposits for major processing equipment associated with the SX-EW plant, which will allow Taseko to efficiently advance construction activities upon receipt of the final permit.

"We continue to have regular dialogue with the EPA and, based on the latest communication, now expect they will issue the draft UIC permit towards the end of the third quarter. Although that timing is later than previously expected, our understanding is there are no issues and that the agency just needs additional time to complete its internal reviews of the permit," concluded McDonald.

Headquartered in Vancouver, Taseko Mines is mining company focused on the operation and development of mines in North America. Taseko operates the state-of-the-art Gibraltar mine, the second largest copper mine in Canada, with a nearly 700 person workforce producing an average of 140 million pounds of copper and 2.5 million pounds of molybdenum per year. Taseko's wholly-owned Florence Copper, Yellowhead, and Aley projects are all advanced staged projects that provide the company with a diverse commodity pipeline.

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