Taseko boosts sales, Arizona plant near launch

Vancouver-based producer Taseko plans to commission its Florence copper plant in Arizona in coming weeks after boosting production and sales at its flagship Gibraltar mine in western Canada in the latest quarter.

"With Florence being one of the only few copper projects coming online in the continental US in the next few years, its capital production will certainly displace foreign refined copper imports," chief executive Russ Hallbauer said on an earnings call.

With probable reserves of 345mn t at a 0.36pc copper grade, Florence is expected to have an 85mn lbs/yr of copper production capacity and a 21-year mine life.

The Florence facility, processing plant and well are expected to be operational at the end of the third quarter, with first copper output expected by the end of the year

Taseko's sales from its British Columbia Gibraltar mine rose to 32.2mn lbs of copper concentrate in the latest quarter, up from 22.8mn lbs a year earlier. Production rose to 33.5mn lbs from 22.9mn lbs.

Taseko ramped up its output and sales after wildfires in the area cut output at Gibraltar last year.

Its copper inventory rose to 4.2mn lbs from 2.9mn lbs a year earlier.

Sales of molybdenum concentrate slipped by 16pc to 424,000lbs while output of the metal rose to 506,000lbs from 443,000lbs a year earlier.

Revenue fell to C$94mn in the quarter.