VANCOUVER, BC, Jan. 13,
2022 /CNW/ - Taseko Mines Limited (TSX: TKO)
(NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company")
announces 2021 copper production from the Gibraltar Mine of 112
million pounds and sales of 105 million pounds. Molybdenum
production and sales for the year were 2 million pounds. Fourth
quarter copper production was 29 million pounds.
Stuart McDonald, President and
CEO, commented, "Despite major disruption to the highway and rail
infrastructure in southern BC from severe rainstorms in November,
we were still able to realize 24 million pounds of copper sales in
the fourth quarter. Transit times for rail shipments are gradually
improving and we expect to reduce copper inventories at
Gibraltar in the first quarter of
2022."
"Production in the fourth quarter was impacted by lower grades
and recoveries from ore mined in the upper benches of the
Gibraltar pit. Increased
oxidization and pyrite content in this ore has been resulting in
lower recoveries which we believe is a short-term issue that will
be resolved. Ore quality will also improve as mining progresses
deeper into the pit. In December, extreme snowfall and
temperatures as low as minus 35 degrees Celsius also impacted mine
equipment and mill availabilities, resulting in decreased mill
throughput and a need to draw ore from lower grade
stockpiles. Weather conditions have improved recently, and
mill throughput has stabilized allowing our technical team to focus
on optimizing recoveries from Gibraltar pit ore," continued Mr.
McDonald.
"At the Florence Copper Project, we completed our review of the
draft Underground Injection Control ("UIC") permit in early
December and no significant issues were identified. The US
Environmental Protection Agency continues to advance their review
process and has recently advised the Company that they expect to
start the public comment period for the draft UIC permit in
February.
With the copper price today over US$4.50 per pound, 30
cents higher than the average price in 2021, we will expect
to maintain strong operating margins going forward. Sales of excess
copper concentrate inventory from Gibraltar will further bolster our first
quarter cash flows," added Mr. McDonald.
Note: Taseko's 75% owned Gibraltar Mine is located north of the
City of Williams Lake in
south-central British Columbia.
Production and sales volumes stated in this release are on a 100%
basis.
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