Taseko mine’s Gibraltar project is expected to produce close to 58,967mt of copper in 2020.
The benchmark for Concentrate Treatment and Refining Charges (TCRC) this year us set almost 23pc below that of 2019 because of tighter copper supply and the expansion of copper smelting capacities overseas. Aside from Gibraltar, Taseko will devote attention to some of its other mining projects, including the Florence Copper, Yellowehead Copper, New Prosperity Gold-Copper, and Aley Niobium.
Gibraltar produced close to 57,107mt of copper in 2019 with copper grade averaging to 0.25pc, compared to 56,789mt in 2018. Copper recovery was around 86.2pc as opposed to 82.7pc in 2018. However, total mining declined by 10pc to 91mn mt in 2019 frp, 101.2mn mt in 2018 due to deeper mining within the granite pit.
Copper production at Gibraltar in Q4 2019 was close to 15,149mt with copper grade averaging to 0.25pc, compared to 11,702mt production during the same period in 2018. Copper recovery rose to 84.5pc in Q4 2019 from 81.3pc in Q4 2018. Total mining during the fourth quarter of 2019 was close to 23.4mn mt, falling short of the 25.7mn mt in Q4 2018.
In 2019 Gibraltar sold a total of 55,519mt of copper compared to 57,379mt in 2018. Taseko sold 15,104mt of copper from Gibraltar in Q4 2019, which dropped from 19,368mt in Q4 2018.
Taseko’s revenues in 2019 from Gibraltar were $329.1mn (US$248.8mn) compared to $343.8mn in 2018. There was a significant drop in EBITDA in 2019 to $51mn as opposed to $98.2mn in 2018. Net losses reported in 2019 were much higher at $53.3mn than $35.7mn in 2018.
Revenues the Gibraltar in Q4 2019 was $89.9mn compared to $111.12mn in Q4 2018. The EBITDA reported for Q4 2019 was also lower at $18.2mn compared to $26.4mn during the same period in 2018. Net losses incurred by Taseko in Q4 2019 were close to $9.9mn which was much lower than the net losses of $19.7mn in Q4 2018.
Russell Hallbauer, Taseko’s chief executive officer, said the company is happy with it’s operational performance at Gibraltar with 57,152mt of copper production in 2019, which met its annual production guidance for the year.