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Taseko Mines Ltd. (TSX:TKO,AMEX:TGB) announced that its production results for the first quarter of 2012 were lower than expected.
Taseko Mines Ltd. (TSX:TKO,AMEX:TGB) announced that its production results for the first quarter of 2012 were lower than expected.
According to the press release, highlights for the quarter included:
- Revenues for the first quarter 2012 were $55.4 million from the sale of 12.8 million pounds of copper and 354 thousand pounds of molybdenum.
- Total production at Gibraltar (100%), for the quarter ended March 31, 2012 was 20.7 million pounds of copper and 438 thousand pounds of molybdenum.
Russell Hallbauer, President and CEO of Taseko, commented:
As previously disclosed, first quarter production was lower than anticipated due to ore characteristics, severe winter weather, ground water incursion at the lower level benches and a five-day unplanned shutdown to repair a SAG mill motor. These challenges resulted in reduced mill throughput of approximately 750,000 tons, or four million pounds of copper production.