TASEKO MINES ANNOUNCES THIRD QUARTER COPPER
PRODUCTION OF 35 MILLION POUNDS FROM THE GIBRALTAR
MINE
VANCOUVER,
BC, Oct. 4, 2023 -- Taseko Mines Limited (TSX: TKO)
(NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") is
pleased to announce that the Gibraltar Mine produced 35 million
pounds of copper and 369 thousand pounds of molybdenum in the third
quarter (100% basis).
Stuart McDonald,
President and CEO of Taseko, commented, "The 25%
quarter-over-quarter increase in copper production was a 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. Molybdenum grades have also increased as
mining has progressed deeper into the Gibraltar pit, resulting in a 60% increase in
quarterly molybdenum
production."
A port workers strike in early July caused shipping
delays and a build-up of Gibraltar
copper concentrate inventory. As a result, third quarter sales
volumes lagged production by three million pounds, and the excess
inventory is expected to be shipped and sold in the fourth
quarter.
Taseko is providing this third quarter production
update in advance of an analyst and investor tour taking place at
the Gibraltar Mine later today. Presentation slides to be used
during the tour will be available at https://tasekomines.com/investors/presentations.
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 future market price of copper
and the other metals that we produce or may seek to
produce;
-
changes in general economic conditions, the financial
markets, inflation and interest rates and in the demand and market
price for our input costs, such as diesel fuel, reagents, 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;
-
uncertainties resulting from the war in Ukraine, and the accompanying international
response including economic sanctions levied against Russia, which has disrupted the global
economy, created increased volatility in commodity markets
(including oil and gas prices), and disrupted international trade
and financial markets, all of which have an ongoing and uncertain
effect on global economics, supply chains, availability of
materials and equipment and execution timelines for project
development;
-
uncertainties about the continuing impact of the
novel coronavirus ("COVID-19") and the response of local,
provincial, state, federal and international governments to the
ongoing threat of COVID-19, on our operations (including our
suppliers, customers, supply chains, employees and contractors) and
economic conditions generally including rising inflation levels and
in particular with respect to the demand for copper and other
metals we
produce;
-
inherent risks associated with mining operations,
including our current mining operations at Gibraltar, and their potential impact on our
ability to achieve our production
estimates;
-
uncertainties as to our ability to control our
operating costs, including inflationary cost pressures at
Gibraltar without impacting our
planned copper
production;
-
the risk of inadequate insurance or inability to
obtain insurance to cover material mining or operational
risks;
-
uncertainties related to the feasibility study for
Florence copper project (the "Florence Copper Project" or "Florence
Copper") that provides estimates of expected or anticipated capital
and operating costs, expenditures and economic returns from this
mining project, including the impact of inflation on the estimated
costs related to the construction of the Florence Copper Project
and our other development
projects;
-
the risk that the results from our operations of the
Florence Copper production test facility ("PTF") and ongoing
engineering work including updated capital and operating costs will
negatively impact our estimates for current projected economics for
commercial operations at Florence
Copper;
-
uncertainties related to the accuracy of our
estimates of Mineral Reserves (as defined below), Mineral Resources
(as defined below), production rates and timing of production,
future production and future cash and total costs of production and
milling;
-
the risk that we may not be able to expand or replace
reserves as our existing mineral reserves are
mined;
-
the availability of, and uncertainties relating to
the development of, additional financing and infrastructure
necessary for the advancement of our development projects,
including with respect to our ability to obtain any remaining
construction financing potentially needed to move forward with
commercial operations at Florence
Copper;
-
our ability to comply with the extensive governmental
regulation to which our business is
subject;
-
uncertainties related to our ability to obtain
necessary title, licenses and permits for our development projects
and project delays due to third party opposition, particularly in
respect to Florence Copper that requires one key regulatory permit
from the U.S. Environmental Protection Agency ("EPA") in order to
advance to commercial
operations;
-
our ability to deploy strategic capital and award key
contracts to assist with protecting the Florence Copper project
execution plan, mitigating inflation risk and the potential impact
of supply chain disruptions on our construction schedule and
ensuring a smooth transition into construction once the final
permit is received from the
EPA;
-
uncertainties related to First Nations claims and
consultation
issues;
-
our reliance on rail transportation and port
terminals for shipping our copper concentrate production from
Gibraltar;
-
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 and mine closure and bonding
requirements;
-
our dependence solely on our 87.5% interest in
Gibraltar (as defined below) for
revenues and operating
cashflows;
-
our ability to collect payments from customers,
extend existing concentrate off-take agreements or enter into new
agreements;
-
environmental issues and liabilities associated with
mining including processing and stock piling
ore;
-
labour strikes, work stoppages, or other
interruptions to, or difficulties in, the employment of labour in
markets in which we operate our mine, industrial accidents,
equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our
mine;
-
environmental hazards and risks associated with
climate change, including the potential for damage to
infrastructure and stoppages of operations due to forest fires,
flooding, drought, or other natural events in the vicinity of our
operations;
-
litigation risks and the inherent uncertainty of
litigation, including litigation to which Florence Copper could be
subject
to;
-
our actual costs of reclamation and mine closure may
exceed our current estimates of these
liabilities;
-
our ability to meet the financial reclamation
security requirements for the Gibraltar mine and Florence
Project;
-
the capital intensive nature of our business both to
sustain current mining operations and to develop any new projects,
including Florence
Copper;
-
our reliance upon key management and operating
personnel;
-
the competitive environment in which we
operate;
-
the effects of forward selling instruments to protect
against fluctuations in copper prices, foreign exchange, interest
rates or input costs such as
fuel;
-
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; and Management Discussion and Analysis ("MD&A"),
quarterly reports and material change reports filed with and
furnished to securities regulators, and those risks which are
discussed under the heading "Risk
Factors".
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.
on Taseko, see the Company's website at
www.tasekomines.com or contact: Brian
Bergot, Vice President, Investor Relations - 778-373-4533 or
toll free 1-877-441-4533