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Taseko reports Gibraltar mine produced 97 million pounds of copper in 2022, down 14% from 2021

Vladimir Basov

Kitco News

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(Kitco News) - Taseko Mines (TSX: TKO; NYSE: TGB) today announced 2022 copper production of 97 million pounds from its Gibraltar mine in B.C., down 14% compared to 2021 (112.3 million pounds).

In Q4 2022, Gibraltar produced 27 million pounds of copper, which is a decline of 6% compared to 28.8 million pounds produced in Q4 2021.

The company said that mill throughput in October and November averaged above design capacity, but production in December was impacted by unplanned mill downtime, including a sitewide power outage late in the month.

Taseko added that molybdenum production of 360 thousand pounds in the fourth quarter (Q4 2021: 450 thousand pounds) was the best quarter in 2022.

"Robust molybdenum pricing, increasing by nearly 75% to over US$30 per pound at year-end, is expected to drive a strong by-product credit in the quarters ahead," commented President and CEO Stuart McDonald.

He added, "Mining operations have advanced deeper into the Gibraltar pit and were largely unaffected by this recent severe winter weather and power outage. Copper grades in the fourth quarter were similar to the third quarter due to the continued impact of higher mining dilution."

"We are advancing a number of initiatives to reduce the above normal mining dilution that we have been experiencing in the Gibraltar pit. With milling operations stabilized, we expect improved production in the first quarter and a more consistent quarterly production profile through 2023," concluded Mr. McDonald.

Taseko is focused on the operation and development of copper mines in North America. Headquartered in Vancouver, Canada, Taseko is the owner (75%) and operator of the Gibraltar mine in British Columbia, the second largest open pit copper mine in Canada.

Taseko's Florence Copper project in Arizona is a near-term growth project, which will nearly double the company's annual copper production. Construction of Florence Copper is expected to commence in 2023. The company also owns the Yellowhead copper project, the New Prosperity gold-copper project, and the Aley niobium project.

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By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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