Copper Production At British Columbia's Gibraltar Mine Fell 9 Per Cent

TaseKo Mining (TGB-6.7%) 2021 reported a 9% decline in copper production at British Columbia's Gibraltar mine, with sales of 1.05 million pounds.

Taseko said copper production at the mine fell 16 per cent quarterly to 29m pounds on sales of 24m pounds, hit by "significant damage" to road and rail infrastructure in southern British Columbia caused by heavy rains in November.

In addition, extreme snowfall and temperatures well below freezing in December affected the availability of mine equipment and mills, resulting in reduced mill production and the need to extract ore from lower grade stocks.

However, Taseko said that "rail transport times are gradually improving and we expect to reduce Gibraltar's copper stocks in the first quarter".

With copper trading at more than $4.50 / lb, above the 2021 average, Taseko said it expects to continue strong operating margins, with sales of excess copper concentrate stocks in Gibraltar further driving Q1 cash flow.

Copper production at Gibraltar rose 29 percent in the third quarter to 34.5 million pounds.