Taseko forecasts higher output from Gibraltar in 2025
TSX- and NYSE American-listed Taseko Mines has set its sights on increased copper production in 2025, forecasting yearly output of between 120-million and 130-million pounds - up from the 106-million pounds produced in 2024 at its 100%-owned Gibraltar copper mine, in British Columbia.
Copper production for 2024 totaled 106-million pounds, with molybdenum output reaching 1.4-million pounds. Sales volumes matched closely, with 108-million pounds of copper and 1.4-million pounds of molybdenum sold during the year.
In an announcement on Thursday, Taseko president and CEO Stuart McDonald highlighted operational improvements following planned maintenance in July, which have positioned the company for higher output in the coming year. “Since completion of the planned major maintenance activities in July, milling operations at Gibraltar have been running smoothly. Mill throughput averaged over 89 000 tons a day in the fourth quarter, 5% over design capacity, resulting in copper production of 29-million pounds for the period,” he said.
McDonald noted that the increased mill availability achieved in late 2024 is expected to drive the production boost in 2025, although output will likely be weighted towards the second half of the year.
The company also finalised a transaction with Osisko Gold Royalties in late December, amending the Gibraltar silver stream agreement to increase Osisko's attributable silver percentage from 87.5% to 100%. In exchange, Taseko received an additional cash payment of $12.7-million.
“The silver stream amendment follows our acquisition of the remaining 12.5% Gibraltar joint venture interest last March, and the additional cash proceeds further strengthen our balance sheet during this period of construction spending at Florence Copper,” McDonald concluded.
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