Monday, March 21, 2011

Taseko (TGB) Increasing Production at Gibraltar

Saying increased production has helped the company perform strongly, Taseko Mines (AMEX:TGB) said it is going to boost production at its flagship Gibraltar Mine to 180,000 pounds of copper and one million pounds of molybdenum annually.

In 2010, the miner said copper production rose by 30 percent and molybdenum production by 50 percent.

Russell Hallbauer, Taseko CEO, said, "As announced in February, we are moving forward with a further capacity increase at Gibraltar. This $325 million investment will allow us to leverage the strong copper price environment and further enhance Taseko's cash flow generating ability."

"Strong financial performance in 2010 was driven by improved copper production and the rising copper price environment. ...These improvements are the result of ongoing investments in mine and concentrate equipment," he added.

Taseko produced 92.3 million pounds of copper in 2010 and 941,000 pounds of molybdenum.

Taseko closed Friday at $5.94, up $0.11, or 1.89 percent.

No comments: