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Taseko's Gibraltar mine increases copper production 25% in Q3 due to improved grades and recoveries

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(Kitco News) - Copper producer Taseko Mines (TSX: TKO) (NYSE: TGB) announced on Wednesday that the Gibraltar mine produced 35 million pounds of copper in Q3 2023, up 25% compared to Q3 2022.

The company said in a press release that the increase in quarterly copper production was the result of higher grades, improved recoveries and increased mill throughput.

“Mining in the Gibraltar pit is progressing on plan and the lower benches are providing the ore quality we expected,” it added.

According to Taseko, the Gibraltar mine also produced 369 thousand pounds of molybdenum in Q3 2023, which is a 60% quarter-over-quarter increase due to higher molybdenum grades as mining has progressed deeper into the Gibraltar pit.

However, the company said that a port workers strike in early July caused shipping delays and a build-up of Gibraltar copper concentrate inventory, adding that as a result, Q3 sales volumes lagged production by three million pounds, and the excess inventory is expected to be shipped and sold in the fourth quarter.

Headquartered in Vancouver, Taseko operates the state-of-the-art Gibraltar mine, located in south-central British Columbia, which is the second largest open pit copper mine in Canada with a nearly 700 person workforce.

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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