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Taseko Mines |
Taseko Mines, a Canadian mining company, has announced an increased copper production outlook for 2025 at its Gibraltar operations in British Columbia. The revised forecast is driven by higher ore throughput rates and anticipated improvements in mill availability.
Increased Production Projections
Copper output for 2025 is projected to range from 120 million to 130 million pounds, a significant increase from the 106 million pounds produced in 2024. The company noted that production in 2025 will be concentrated in the second half of the year, with lower-grade stockpiles supplementing mined ore during the first six months. This strategic use of stockpiles allows Taseko to optimize its production schedule and potentially capitalize on favorable market conditions later in the year.
Operational Improvements and Throughput Rates
Taseko anticipates maintaining elevated ore throughput rates in 2025, building on the strong performance in the fourth quarter of 2024, when the mine processed an average of 89,000 metric tonnes per day, nearly 5% above nameplate capacity. The company also expects improved mill performance at the Gibraltar site following operational challenges in 2024, including a three-week shutdown of one concentrator due to planned and unplanned maintenance. These operational enhancements are expected to contribute to the increased copper output in 2025.
2024 Performance and Sales Volumes
Taseko met its revised 2024 copper production target of 105 million to 110 million pounds, although this was lower than the initial projection of 115 million pounds due to a work stoppage in June and subsequent mill operation disruptions. Fourth-quarter output of 29 million pounds was down 15% year-on-year, but it represented a second consecutive quarterly increase after production fell to 20 million pounds in the second quarter due to the strike. Molybdenum production in 2024 increased by 17% to 1.4 million pounds, with fourth-quarter output surging by 48% year-on-year to 547,000 pounds, thanks to higher molybdenum-bearing ore from the company's new Connector pit. Taseko's 2024 copper sales volumes decreased by 11% to 108 million pounds, while molybdenum sales volumes increased by 18% to 1.4 million pounds.
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