VANCOUVER - Taseko Mines (NYSE:TGB) Limited (TSX: TKO; NYSE American: TGB; LSE: TKO), a mining company, has released its production results for the year 2024 from its wholly-owned Gibraltar copper mine. The company announced that it produced 106 million pounds of copper and 1.4 million pounds of molybdenum throughout the year. Sales matched production with 108 million pounds of copper and 1.4 million pounds of molybdenum sold.
In a strategic move to enhance its financial position, Taseko finalized an amendment to its silver stream agreement with Osisko Gold Royalties (NYSE:OR) in late December. This amendment increased Taseko's attributable silver percentage from 87.5% to 100%, with the company receiving an additional US$12.7 million in cash.
Stuart McDonald, President & CEO of Taseko, stated that since the completion of major maintenance activities in July, the milling operations have been performing well. The fourth quarter saw mill throughput averaging over 89,000 tons per day, which is 5% above the designed capacity, resulting in 29 million pounds of copper produced in that quarter alone.
Looking forward to 2025, Taseko expects to see a significant increase in annual copper production, estimating between 120 to 130 million pounds. However, production is anticipated to be higher in the second half of the year.
The company's recent acquisition of the remaining 12.5% joint venture interest in Gibraltar and the additional cash from the silver stream amendment are expected to bolster its balance sheet. This financial strengthening is particularly timely as the company incurs construction expenses at its Florence Copper project.
This announcement is based on a press release statement, and it should be noted that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Taseko's actual results may differ materially from those in the forward-looking statements due to a variety of factors including market prices, economic conditions, and operational risks.
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