Vancouver, BC, July 8, 2021 /PRNewswire/ - Taseko Mines Limited
(TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company")
is pleased to announce that the Gibraltar Mine produced 27 million
pounds of copper and 400 thousand pounds of molybdenum in the
second quarter of 2021. 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.
Stuart McDonald, President and
CEO of Taseko, commented, "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. Copper prices
remained strong over the second quarter, and the average LME price
of US$4.40 per pound is the highest
ever for a quarterly period. We took advantage of the strong
market conditions to extend our price protection program through
the acquisition of copper collars. These contracts secure a
minimum copper price of US$4.00 per
pound and a ceiling price of US$5.60
per pound for 42 million pounds of copper over the first half of
2022. This supplements the existing put option protection
that we have in place for the second half of 2021 and ensures that
Gibraltar will be generating
strong cashflows during construction of the Florence Copper
commercial facility."
"Detailed engineering and procurement activities continue to
advance at Florence. We are now preparing to make initial
deposits for major processing equipment associated with the SX-EW
plant, which will allow us 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 Mr.
McDonald.
Stuart McDonald
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 about the effect of COVID-19 and the response of
local, provincial, federal and international governments to the
threat of COVID-19 on our operations (including our suppliers,
customers, supply chain, employees and contractors) and economic
conditions generally and in particular with respect to the demand
for copper and other metals we produce;
- 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 milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to the ability to obtain necessary
licenses permits for development projects and project delays due to
third party opposition;
- 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 financing;
- 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 and estimates;
- 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, including the "Risk Factors"
included in our Annual Information Form.
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SOURCE Taseko Mines Limited