Taseko Mines Limited TASEKO ANNOUNCES 2022 SALES AND PRODUCTION RESULTS

 
TIDMTKO 
 
TASEKO ANNOUNCES 2022 SALES AND PRODUCTION RESULTS FOR THE GIBRALTAR COPPER 
                                     MINE 
 
VANCOUVER, BC, Jan. 6, 2023 /CNW/ - Taseko Mines Limited (TSX: TKO) (NYSE 
American: TGB) (LSE: TKO) ("Taseko" or the "Company") announces 2022 copper 
sales of 101 million pounds and production of 97 million pounds from the 
Gibraltar Mine. Fourth quarter copper sales were 26 million pounds and 
production was 27 million pounds. 
 
Stuart McDonald, President and CEO of Taseko, stated, "Mill throughput in 
October and November averaged above design capacity, but production in December 
was impacted by unplanned mill downtime, including a sitewide power outage late 
in the month. Although the power outage was only 24 hours in duration, the 
severe cold temperatures of -35° Celsius (-31° Fahrenheit) immediately froze a 
number of essential systems in the mills, which delayed the restart of milling 
operations for several days.  Our operations personnel did a good job to safely 
return milling operations to full capacity by the end of the month, with no 
damage to any critical systems.  However, mill throughput averaged only 63,000 
tons per day in December, compared to 88,000 tons per day in October and 
November. Copper recoveries in the fourth quarter were 82%, an improvement over 
the prior quarters in 2022." 
 
"Molybdenum production of 360 thousand pounds in the fourth quarter was the 
best quarter in 2022. Robust molybdenum pricing, increasing by nearly 75% to 
over US$30 per pound at year-end, is expected to drive a strong by-product 
credit in the quarters ahead," added Mr. McDonald. 
 
"Mining operations have advanced deeper into the Gibraltar pit and were largely 
unaffected by this recent severe winter weather and power outage. Copper grades 
in the fourth quarter were similar to the third quarter due to the continued 
impact of higher mining dilution. We are advancing a number of initiatives to 
reduce the above normal mining dilution that we have been experiencing in the 
Gibraltar pit.  With milling operations stabilized, we expect improved 
production in the first quarter and a more consistent quarterly production 
profile through 2023," concluded 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. 
 
About Taseko 
 
Taseko is focused on the operation and development of copper mines in North 
America. Headquartered in Vancouver, Canada, Taseko is the owner (75%) and 
operator of the Gibraltar Mine, the second largest open pit copper mine in 
Canada. Taseko's Florence Copper Project in Arizona is a near-term growth 
project, which will nearly double the Company's annual copper production. 
Construction of Florence Copper is expected to commence in 2023. Taseko's 
Yellowhead Copper Project, New Prosperity Gold-Copper Project and Aley Niobium 
Project are all advanced staged projects which provide the Company with a 
diverse commodity pipeline. 
 
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 future market price of copper and the other metals 
    that we produce or may seek to produce; 
  * changes in general economic conditions, the financial markets, inflation 
    and interest rates and in the demand and market price for our input costs, 
    such as diesel fuel, reagents, 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; 
  * uncertainties resulting from the war in Ukraine, and the accompanying 
    international response including economic sanctions levied against Russia, 
    which has disrupted the global economy, created increased volatility in 
    commodity markets (including oil and gas prices), and disrupted 
    international trade and financial markets, all of which have an ongoing and 
    uncertain effect on global economics, supply chains, availability of 
    materials and equipment and execution timelines for project development; 
  * uncertainties about the continuing impact of the novel coronavirus 
    ("COVID-19") and the response of local, provincial, state, federal and 
    international governments to the ongoing threat of COVID-19, on our 
    operations (including our suppliers, customers, supply chains, employees 
    and contractors) and economic conditions generally including rising 
    inflation levels and in particular with respect to the demand for copper 
    and other metals we produce; 
  * inherent risks associated with mining operations, including our current 
    mining operations at Gibraltar, and their potential impact on our ability 
    to achieve our production estimates; 
  * uncertainties as to our ability to control our operating costs, including 
    inflationary cost pressures at Gibraltar without impacting our planned 
    copper production; 
  * the risk of inadequate insurance or inability to obtain insurance to cover 
    material mining or operational risks; 
  * uncertainties related to the feasibility study for Florence copper project 
    (the "Florence Copper Project" or "Florence Copper") that provides 
    estimates of expected or anticipated capital and operating costs, 
    expenditures and economic returns from this mining project, including the 
    impact of inflation on the estimated costs related to the construction of 
    the Florence Copper Project and our other development projects; 
  * the risk that the results from our operations of the Florence Copper 
    production test facility ("PTF") and ongoing engineering work including 
    updated capital and operating costs will negatively impact our estimates 
    for current projected economics for commercial operations at Florence 
    Copper; 
  * uncertainties related to the accuracy of our estimates of Mineral Reserves 
    (as defined below), Mineral Resources (as defined below), production rates 
    and timing of production, future production and future cash and total costs 
    of production and milling; 
  * the risk that we may not be able to expand or replace reserves as our 
    existing mineral reserves are mined; 
  * the availability of, and uncertainties relating to the development of, 
    additional financing and infrastructure necessary for the advancement of 
    our development projects, including with respect to our ability to obtain 
    any remaining construction financing potentially needed to move forward 
    with commercial operations at Florence Copper; 
  * our ability to comply with the extensive governmental regulation to which 
    our business is subject; 
  * uncertainties related to our ability to obtain necessary title, licenses 
    and permits for our development projects and project delays due to third 
    party opposition, particularly in respect to Florence Copper that requires 
    one key regulatory permit from the U.S. Environmental Protection Agency 
    ("EPA") in order to advance to commercial operations; 
  * our ability to deploy strategic capital and award key contracts to assist 
    with protecting the Florence Copper project execution plan, mitigating 
    inflation risk and the potential impact of supply chain disruptions on our 
    construction schedule and ensuring a smooth transition into construction 
    once the final permit is received from the EPA; 
  * uncertainties related to First Nations claims and consultation issues; 
  * our reliance on rail transportation and port terminals for shipping our 
    copper concentrate production from Gibraltar; 
  * 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 and mine closure and bonding requirements; 
  * our dependence solely on our 75% interest in Gibraltar (as defined below) 
    for revenues and operating cashflows; 
  * our ability to collect payments from customers, extend existing concentrate 
    off-take agreements or enter into new agreements; 
  * environmental issues and liabilities associated with mining including 
    processing and stock piling ore; 
  * labour strikes, work stoppages, or other interruptions to, or difficulties 
    in, the employment of labour in markets in which we operate our mine, 
    industrial accidents, equipment failure or other events or occurrences, 
    including third party interference that interrupt the production of 
    minerals in our mine; 
  * environmental hazards and risks associated with climate change, including 
    the potential for damage to infrastructure and stoppages of operations due 
    to forest fires, flooding, drought, or other natural events in the vicinity 
    of our operations; 
  * litigation risks and the inherent uncertainty of litigation, including 
    litigation to which Florence Copper could be subject to; 

  * our actual costs of reclamation and mine closure may exceed our current 
    estimates of these liabilities; 
  * our ability to meet the financial reclamation security requirements for the 
    Gibraltar mine and Florence Project; 
  * the capital intensive nature of our business both to sustain current mining 
    operations and to develop any new projects, including Florence Copper; 
  * our reliance upon key management and operating personnel; 
  * the competitive environment in which we operate; 
  * the effects of forward selling instruments to protect against fluctuations 
    in copper prices, foreign exchange, interest rates or input costs such as 
    fuel; 
  * 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; and Management Discussion and 
    Analysis ("MD&A"), quarterly reports and material change reports filed with 
    and furnished to securities regulators, and those risks which are discussed 
    under the heading "Risk Factors". 
 
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. 
 
For further information on Taseko, see the Company's website at 
www.tasekomines.com or contact: Brian Bergot, Vice President, Investor 
Relations - 778-373-4533 or toll free 1-877-441-4533 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 06, 2023 08:30 ET (13:30 GMT)