Tuesday, April 19, 2011

Taseko Mines (TGB) Copper Production at Gibralter Falls 17 Percent

Taseko Mines (AMEX:TGB) reported copper production at its Gibraltar mine in British Columbia fell 17 percent, as a hard winter resulted in operations being shut down for four days because of unscheduled maintenance.

Production at Gibraltar, which Taseko has a 75 percent stake in, fell from 23.2 million pounds of copper last year in the first quarter to 19.2 million pounds of copper this year in the same quarter.

For molybdenum the results were different, as the company was able to extract 316,000 pounds from the mine, an increase of 63 percent.

Taseko said in a statement, "This is a strong indication that the new molybdenum plant ... will add appreciably to total molybdenum metal production."

Taseko was trading in New York at $5.45, falling $0.03, or 0.55 percent, as of 2:14 PM EDT.

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