“Realized copper sales of 105 million lb. for the year, buoyed by a strong average copper price of over US$4.20 per pound, generated the best financial results in our company’s history. This was accomplished despite the lagging copper sales in the fourth quarter as a result of major disruption to transportation infrastructure in southern B.C. from severe rainstorms in November, which limited our ability to ship copper concentrate and realize sales,” commented Stuart McDonald, president and CEO of Taseko.
During the quarter, Taseko saw its Gibraltar mine operations in south-central B.C. impacted by lower grades and recoveries due to severe winter weather as well as oxidization and pyrite content in the upper benches of the Gibraltar pit. Mill operations are being optimized for the new mineralization, and ore quality will improve as mining progresses deeper into the Gibraltar pit this year,the company said.
For 2022, Taseko expects copper production to reach 115 million lb. (+/- 5%), with production weighted to the back half of the year and the first quarter being the lowest production quarter, similar to last year.
Moreover, next year’s mining operations will transition to higher grade zones, and copper production is planned to trend back toward the life of mine average of 130 million pounds. A new Gibraltar reserve update is expected to be completed in the second quarter.
At the Florence copper project in Arizona, based on ongoing dialogue with the U.S. Environmental Protection Agency, Taseko continues to expect the draft Underground Injection Control (UIC) permit to be publicly issued very soon, followed by the 45-day public comment period.
The UIC permit represents the final hurdle needed to construct and operate the commercial production facility at Florence Copper, which will be a major new source of low-carbon copper supply for the U.S. market.
“Our balance sheet remains healthy with nearly $300 million of available liquidity, including cash on hand and the new US$50 million credit facility that was closed in October. In addition, we recently took advantage of a strengthened copper price to extend our price protection strategy – we now have more than 90% of our 2022 production secured at a minimum price of US$4.00 per lb.,” McDonald continued.
“With our strong financial position and robust copper markets, its ideal timing to be advancing our Florence copper project to commercial production.”
More results can be seen at www.TasekoMines.com.
