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Taseko cuts annual copper guidance again

  • Market: Metals
  • 15/10/25

Canadian miner Taseko Mines cut its 2025 annual copper production guidance at the Gibraltar mine in British Columbia, its only mine currently commercially producing, for a second time.

Taseko projects its annual copper production — which includes copper cathodes — to be between 100mn-105mn lbs of copper, down 11pc from the company's previous guidance.

The company dropped its guidance as it cannot "recover the production shortfall" from earlier this year, according to Taseko chief executive Stuart McDonald. Still, the company expects a "significant" copper production increase in the fourth quarter.

Copper production in the third quarter edged up by 2pc to 27.6mn lbs, which includes 900,000lbs of cathode, compared to the same quarter in 2024. The company produced its first cathodes at the Gibraltar project in the second quarter, producing 395,000lbs in that quarter.

Taseko's production in the first quarter at the Gibraltar mine was 10pc below expectations because of low recoveries. Second quarter copper production was down to 19.8mn lbs from 20.2mn lbs the same quarter a year prior.

The company sold 26.3mn of copper in the third quarter, the same amount as the third quarter last year.

Taseko produced 560,000lbs of molybdenum in the quarter, up 33pc from the third quarter last year.

In addition to its production at its Gibraltar project, Taseko started wellfield operations at its Florence Copper project in Arizona after receiving its final regulatory approvals. The company expects to produce its first copper cathode at the site in "about three months."

By Reagan Patrowicz

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06/11/25

US October layoff plans highest since 2003: Challenger

US October layoff plans highest since 2003: Challenger

Houston, 6 November (Argus) — US-based employers in October announced the highest level of monthly job cuts since 2003, according to job outplacement firm Challenger, Gray and Christmas. Employers announced 153,074 job cuts in October due to slowing consumer and corporate spending, adoption of artificial intelligence (AI), belt-tightening and hiring freezes tied to the federal government shut down. The October announcements are up by more than 180pc from September job cuts announcements as well as October 2024 levels. "This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008," said Challenger. "Like in 2003, a disruptive technology is changing the landscape. At a time when job creation is at its lowest point in years, the optics of announcing layoffs in the fourth quarter are particularly unfavorable." Federal blackout, slowing job creation The monthly Challenger report comes as federal government data has largely been unavailable due to the shutdown, leaving the Federal Reserve, government and corporate planners mainly with private data to rely on for their hiring and investment planning. The last official US employment report before the shutdown showed only 22,000 jobs added in August, with a revision showing 13,000 jobs lost in July. Job growth averaged 128,000/month for the 12 months through August. Year-to-date October announced jobs cuts reported by Challenger totaled nearly 2mn, the highest for the period since 2020, when 2.3mn cuts were announced in the first 10 months of the year, when Covid-19 struck and shut down large swaths of the economy. Year-to-date October hiring plans dropped to 488,077 hires from 750,333 announced during the same period last year, according to Challenger. It is the lowest year-to-date October total since 2011. The leading reason for job cuts so far in 2025 was attributed to the "DOGE impact," a reference to the Elon Musk-led Department of Government Efficiency (DOGE), cited for 293,753 planned layoffs, including direct reductions to the federal workforce and its contractors. DOGE Downstream Impacts, reflecting the loss of federal funding to private and non-profit entities, accounted for 20,976 planned layoffs. "Like in 2003, a disruptive technology is changing the landscape," said Challenger. Cost cutting was the top reason employers cited for layoffs — 50,437 in October alone. AI was the second-most cited monthly factor, leading to 31,039 cuts as companies restructure and automate, with 48,414 cited year to date. Market and economic conditions accounted for another 21,104 cuts in October, bringing the year to date total to 229,331. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Recent deep-sea and short-sea cfr Turkey scrap deals

05/11/25
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05/11/25

Recent deep-sea and short-sea cfr Turkey scrap deals

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US services sector returns to expansion in Oct: ISM

05/11/25
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05/11/25

US services sector returns to expansion in Oct: ISM

Houston, 5 November (Argus) — The US services sector renewed its expansion in October as output and new orders grew while the labor market showed signs of easing contraction, signaling the overall economy is largely weathering the government shutdown and the administration's tariff wars. The services purchasing managers' index (PMI) rose to 52.4 in October from 50 in September, the Institute for Supply Management (ISM) reported Wednesday. It marked an eighth month of expansion this year for the largest segment of the economy and the strongest growth since February. The threshold between growth and contraction is 50. "The stronger reading in October provides some support for the notion that the government shutdown is having a limited impact on the broader economy," Pantheon Macroeconomics said in a note. "We retain our view that a weak labor market and resulting downward pressure on core services inflation mean further Fed easing is likely in the coming quarters." The business activity/production index rose to 54.3 in October from 49.9 in September. The new orders index rose to 56.2 last month from 50.4. New export orders rose to 47.8, while imports slid to 43.7, both in contraction. The employment index was at 48.2, showing an easing rate of contraction from 47.2 the prior month. The survey from the private ISM is one of the few economic surveys or reports that provide a window into the state of the US economy since most government data went dark with the beginning of the partial government shutdown beginning 1 October. ISM's factory survey, reported on 3 November, showed manufacturing at 48.7, an eighth month of contraction. Wednesday's services prices index rose to 70 in October, the first time at or above that threshold since October 2022. "Tariffs likely are raising costs for some services companies, but imported goods are a relatively small share of total costs for most," Pantheon Macroeconomics said. Survey respondents continued "to mention the impact of tariffs on prices paid," ISM said. "There was no indication of widespread layoffs or reductions in force, but the federal government shutdown was mentioned several times as impacting business activity and generating concerns for future layoffs." A separate report Wednesday from ADP payroll services showed the US added 42,000 private sector jobs in October, the first gains since July, as initially reported. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Rio Tinto, Hydro Tasmania agree to 12-month power deal

05/11/25
News
05/11/25

Rio Tinto, Hydro Tasmania agree to 12-month power deal

Sydney, 5 November (Argus) — UK-Australian producer Rio Tinto and Australian state-owned utility Hydro Tasmania have agreed to a 12-month electricity deal to support production at the 190,000 t/yr Bell Bay Aluminium smelter in Tasmania. The in-principle deal will ensure continued safe and stable production as negotiations continue with Hydro Tasmania and the Tasmanian government towards a decade-long agreement, a Rio Tinto spokesperson told Argus on 5 November. Rio Tinto's deal with Hydro Tasmania provides Bell Bay Aluminium with an extra year of exceptionally affordable power, Tasmania's premier Jeremy Rockliff said. The specifics of the agreement remain private. The UK-Australian producer's current electricity contract with Hydro Tasmania will expire in late December . The two companies have been locked in talks over a long-term power deal for 18 months, Bell Bay Aluminium general manager Richard Curtis told staff on 8 October. They have not been able to agree on suitable terms, creating significant risks for the smelter, Curtis added. Tasmanian spot electricity prices averaged A$109.26/MWh ($70.70/MWh) over the July 2024-June 2025 financial year, up from A$69.07/MWh a year earlier and just A$37.16/MWh a decade earlier, data from the Australian Energy Market Operator (AEMO) show. Tasmania's government has been supportive of Rio Tinto. But the price gap between what Hydro Tasmania is offering and what the smelter needs is too wide for it to cover alone, the state's energy minister Nick Duigan said on 9 October. The Tasmanian government repeated its call for Australian federal support for Bell Bay Aluminium on 5 November. In October, it asked federal officials to confirm the plant's eligibility for Australia's A$2bn low-emissions aluminium production credit scheme, which will offer tax incentives to producers from 2028-29. Bell Bay Aluminium mostly relies on hydroelectric power and could be eligible for production credits. But Australia's government has not finalised the scheme's design yet. Rio Tinto's year-long deal with Hydro Tasmania allows time for the outcome of the Australian government's credit scheme to be known, a company spokesperson told Argus today. Rio Tinto is also facing electricity cost pressures at its 600,000 t/yr Tomago aluminium smelter in New South Wales (NSW). The company may need to close the plant at the end of 2028 over high energy costs, but has not made a decision about its future, Rio Tinto said on 28 October. Spot electricity price levels in NSW are even higher than those in Tasmania. They averaged A$128.16/MWh in 2024-25, up from A$101.57 a year earlier and A$35.18/MWh a decade earlier, AEMO data show. The Australian federal and NSW state government have been in talks with Rio Tinto about energy cost support since June. They have not been able to reach an agreement, Australia's minister for industry and innovation Tim Ayres said at a press conference on 28 October. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Q&A: LatAm Li juniors likelier to be producers

04/11/25
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04/11/25

Q&A: LatAm Li juniors likelier to be producers

Sao Paulo, 4 November (Argus) — With hundreds of possible greenfield resources, especially in Brazil and Argentina, Latin America has emerged as a new frontier for junior miners seeking to capitalize on strong lithium and base metals demand. The Toronto Stock Exchange lists 1,097 miners, with at least 910 it classifies as juniors that focus on exploration and early development. About 19pc of those have at least one asset in Latin America, compared with 6pc in Africa, 2pc in Asia and 3pc in Australia. The 15 largest juniors who have their main asset in Brazil have a total market capitalization of R75bn ($13.8bn), underscoring the region's potential for exploration companies. Argus spoke with Koby Kushner , chief executive of Libra Energy Materials — a junior miner — about why lithium offers unique opportunities for smaller players to become bigger producers. Edited highlights follow. Why are junior miners so predominant in Latin America? Brazil has great geological potential and it is relatively a new frontier, so there are a lot of low-hanging fruits still out there waiting to be discovered. It also has such a long history of mining that people are familiar with it and the permitting regime is very well defined and efficient in comparison to other places in the world. Elsewhere in Latin America, you have several untapped assets that need to be explored and discovered, which is the job of junior miners. You are also looking at relatively stable, friendly jurisdictions where there is less chance of the government coming in take your mine after you've built it — unlike in some African countries, where higher political risk can make it harder to attract investment. Are junior miners likelier to become producers in lithium than in other commodities? It probably happens more in lithium than in most other commodities because the capital requirement and the cost of capital are the major hurdles for a lot of juniors. Juniors, because they're smaller and don't have existing cash flow to fund their own costs, have a much higher cost of capital. With lithium, however, the capital intensity — especially for spodumene projects — is much smaller than what you see in other commodities. And this is even more true in Latin America. Sigma Lithium, for example, is sitting in the bottom of the cost curve for hard-rock lithium. You could argue that if that same deposit was in Australia, it would not be there. Conversely, some of the great deposits in Australia would be more profitable if they were located in Brazil. Even if a deposit in Latin America is not as attractive as one elsewhere, the lower production and project costs often makes the economics better. In Argentina, it is tougher. The brines are more capital-intensive than spodumene, so it is harder for a $50mn market cap company to fund a $1bn in costs. Even Lithium Argentina, one of the bigger juniors, needed a joint-venture partner to finance its project . Miners like Galan are taking a unique approach, trying to produce lithium chloride — a lower-capital path, though still higher than a typical spodumene project on average. How do junior miners finance exploration and early development? If you become a producer, you can take on debt. Early-stage miners without cash flow, however, should avoid debt and rely on equity, royalties or joint ventures. Issuing equity is the most common for junior exploration companies. They issue equity, sell shares to investors and use the money they raise to move the needle on the company and hopefully their share price. Royalty financing usually happens further down the line, with project funding. The joint venture model makes sense when you feel your equity is undervalued and you're getting better terms at the project level. Someone else spends their money to de-risk the project. You own a smaller piece, but it saves you dilution at the corporate level. What are the main exit strategies for junior miners? The main one would be to get bought by someone bigger. The alternative is to sell off assets to a larger party. So instead of getting acquired, you transact at the project level and keep royalties. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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