Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (“Taseko” or the “Company”) is pleased to announce first quarter Gibraltar Mine production of 41.3 million pounds of copper and 0.9 million pounds of molybdenum. These production results represent a continuation of the strong operating performance in the fourth quarter of 2016 in which Gibraltar produced 40.7 million pounds of copper and 0.8 million pounds of molybdenum.
As quoted in the press release:
Russell Hallbauer, President and CEO of Taseko, stated, “Gibraltar throughput, grade and recoveries were all in line with our operating budget and the previous quarter. The strong operational results will translate into another quarter of impressive financial results as operating costs remained low and copper and molybdenum pricing were both higher.”
“The LME average price in the first quarter was roughly US$2.65 per pound, ten percent higher than the fourth quarter last year. Molybdenum pricing has steadily been rising as well and is now close to US$9.00 per pound, from approximately US$7.50 per pound last quarter. We believe that in spite of some South American mines restarting over the past few weeks, the market will benefit from improving global demand and a tight copper supply going forward,” concluded Mr. Hallbauer.