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Taseko Mines eyes improved copper production in 2023 after power outage hits December output

Published: 10:00 06 Jan 2023 EST

copper wire
For 2022 as a whole, copper sales came in at 101 million pounds and production was 97 million pounds

Taseko Mines Ltd (TSX:TKO) said it expected improved production in the first quarter and more consistent output through 2023 after a power outage hit its Canadian copper mine in December.

The 74% owner and operator of the Gibraltar mine -  the second largest open pit copper mine in Canada - said although power was out for only 24 hours, the severe cold temperatures froze a number of essential systems in the mills, delaying the restart of operations for several days.

Fourth quarter copper sales came in at 26 million pounds, while production was 27 million pounds.

For 2022 as a whole, copper sales came in at 101 million pounds and production was 97 million pounds.

Base metals prices and producers to have muted 3Q, say Stifel analysts; Buy ratings maintained on nine Canadian miners

The miner said 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 previous quarters in 2022.

Meanwhile, molybdenum production of 360,000 pounds in Q4 was the best quarter in 2022, noted the company.

"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," said Taseko.

"With milling operations stabilized, we expect improved production in the first quarter and a more consistent quarterly production profile through 2023," it added.

Contact the author at giles@proactiveinvestors.com

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