Canada-based Taseko Mining’s copper production grew 30pc to 32.4mn lb (14,696mt) in Q1 2020 from 23.3mn lb in the prior year quarter. Total operating cost (C1) of copper production at Gibraltar mine, Canada was $1.82/lb in Q1. The copper sales rose by 33pc to 31.1mn lbs from 23.3mn lbs in Q1, the year prior.
| Taseko Mining copper production in Q1 | |||
Copper (mn lb) |
Q1 2020 |
Q1 2019 |
Change (%) |
| Production | 32.4 | 24.9 | 30 |
| Sales | 31.1 | 23.3 | 33 |
Taseko expects medium to long-term fundamentals of copper to remain strong despite recent events arising from COVID-19 outbreak, according to the company’s Q1 results. Supply constraints experienced after an economic recovery could bring higher incentive copper prices in the long terms.
The company’s copper recoveries in Q1 were lower than the previous quarter (Q4 2019) due to high iron content in the ore. Gibralter mine had no interruptions to operations, supply chain or logistics as a result of COVID-19 breakout.
Taseko Mines posted a revenue of C$62mn, down by 11pc from the previous year. The company’s revenue declined due to lower copper prices in March as a result of COVID-19. The company’s Q1 loss has widened to C$48mn from C$7mn net loss reported the year prior.