July 8, 2021, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB; LSE: TKO) (“Taseko” or the “Company”) is pleased to announce that the Gibraltar Mine produced 27 million pounds of copper and 400 thousand pounds of molybdenum in the second quarter of 2021.In June, mining operations transitioned into higher-grade benches in the Pollyanna Pit which resulted in a 20% increase in copper production over the first quarter, in line with management expectations.
Stuart McDonald, President and CEO of Taseko, commented, “We continue to expect strong copper production in the second half of the year, which in the current price environment will lead to robust cashflows. Copper prices remained strong over the second quarter, and the average LME price of US$4.40 per pound is the highest ever for a quarterly period. We took advantage of the strong market conditions to extend our price protection program through the acquisition of copper collars.These contracts secure a minimum copper price of US$4.00 per pound and a ceiling price of US$5.60 per pound for 42 million pounds of copper over the first half of 2022.This supplements the existing put option protection that we have in place for the second half of 2021 and ensures that Gibraltar will be generating strong cashflows during construction of the Florence Copper commercial facility.”
“Detailed engineering and procurement activities continue to advance at Florence.We are now preparing to make initial deposits for major processing equipment associated with the SX-EW plant, which will allow us to efficiently advance construction activities upon receipt of the final permit.We continue to have regular dialogue with the EPA and, based on the latest communication, now expect they will issue the draft UIC permit towards the end of the third quarter.Although that timing is later than previously expected, our understanding is there are no issues and that the agency just needs additional time to complete its internal reviews of the permit,” concluded Mr. McDonald.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations – 778-373-4533 or toll free 1-877-441-4533
Stuart McDonald
President and CEO
