VANCOUVER, Jan. 9, 2020 /PRNewswire/ - Taseko Mines Limited
(TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the
"Company") is pleased to announce fourth quarter and annual
production and sales from the Gibraltar Mine.
Total production for the year was 126 million pounds of copper
and 2.7 million pounds of molybdenum, both slightly higher than in
2018. In the fourth quarter, production totaled 33.4 million pounds
of copper and 700 thousand pounds of molybdenum, similar to the
levels achieved in the prior quarter. Total sales for the year were
122 million pounds of copper and 2.8 million pounds of molybdenum.
Throughput in the fourth quarter was at design capacity and grade
was approximately life of mine average.
Russell Hallbauer, CEO and
Director of Taseko, stated, "We are pleased to have met the annual
production guidance that we provided 12 months ago. We achieved our
production target for the year despite the CN Rail strike in
November, which impacted Gibraltar
concentrate shipments for 11 days and also forced us to adjust our
mine plan to reduce production due to limited concentrate storage
capacity. As a result, fourth quarter production and sales were
slightly lower than plan. Concentrate inventory at year end
remained similar to the previous quarter level."
"We also issued a new form of reclamation security for
Gibraltar, which resulted in
$36 million of cash being released to
Taseko in the fourth quarter. Looking forward, with a stronger
copper price than what was averaged in 2019, combined with lower
treatment and refining costs, we expect an improved operating
margin to begin the new year."
Note: Gibraltar is a Joint
Venture owned by Taseko (75%) and Cariboo Copper Corp. (25%). All
production and sales figures in this release are reported on a 100%
basis, unless otherwise noted.
Russell Hallbauer
Chief Executive Officer and Director
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" within the
meaning of applicable Canadian securities legislation and the
United States Private Securities Litigation Reform Act of 1995
(collectively, "forward looking statements") that were based on
Taseko's expectations, estimates and projections as of the dates as
of which those statements were made. Any statements that express,
or involve discussions as to, expectations, believes, plans,
objectives, assumptions or future events or performance that are
not historical facts, are forward-looking statements.
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 include but are not limited
to:
- 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 title,
licenses and permits for development projects and project delays
due to third party opposition;
- our ability to comply with the extensive governmental
regulation to which our business is subject;
- 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;
- 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,
equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our
mines;
- the availability of, and uncertainties relating to the
development of, infrastructure necessary for the development of our
projects;
- our reliance upon key personnel; and
- uncertainties relating to increased competition and conditions
in the mining capital markets.
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