Taseko Mines Limited reports recurring operating and financial developments from its North America-focused copper mining business. Company news centers on the Gibraltar Mine in British Columbia, including copper and molybdenum production, mill throughput, grades, recoveries, operating costs and sales volumes.
Updates also cover Florence Copper in Arizona, where the company produces copper cathode through in-situ copper recovery and SX/EW processing. Additional recurring themes include quarterly and annual results, copper market commentary, project work at Yellowhead and New Prosperity, environmental assessment activity, mine development milestones and financing-related operating updates.
On June 1, 2024, Taseko Mines announced the suspension of operations at its Gibraltar Mine due to a failure in collective bargaining with union representatives. The unionized workforce plans to strike as of midnight, May 31, 2024. Consequently, Taseko proactively shut down mining and milling operations, placing the mine on care and maintenance with only essential staff maintaining critical systems. Taseko remains committed to achieving a fair agreement through continued bargaining efforts.
Taseko Mines reported first quarter 2024 Adjusted EBITDA of $50 million, with revenues of $147 million and net income of $19 million. Gibraltar mine produced 30 million pounds of copper and 247 thousand pounds of molybdenum. The acquisition of the remaining 12.5% interest in Gibraltar provides cashflow and cost savings. Florence Copper construction is progressing well. The Company refinanced its senior secured notes for financial flexibility.
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