Taseko hikes Gibraltar reserves 40%
TSX- and NYSE-listed Taseko Mines has reported a new 706-million-ton proven and probable sulphide reserve for its Gibraltar mine, in British Columbia – a 40% increase from the end of December.
The new estimate allows for a significant extension of the mine life to 23 years with total recoverable metal of 3-billion pounds of copper and 53-million pounds of molybdenum.
"Gibraltar has been our cornerstone asset since it was restarted 17 years ago, and with the extended mine life we expect it will continue to generate significant cashflow for many years to come,” said president and CEO Stuart McDonald.
He noted that, over the last two years, there had been a dramatic shift in the long-term outlook for copper. With the improved market outlook, Taseko’s engineering team updated pit designs, which added 200-million tons of additional reserves to the life-of-mine plan.
The mine now had a 23-year mine life with significant leverage to copper prices going forward. At current copper prices, the mine net present value increased to more than $2-billion.
"The additional tons in the new reserve are at a similar grade as Gibraltar's previous reserves. While the life-of-mine strip ratio has increased slightly, there has been no change to the mine plan over the next five years where copper production is expected to average approximately 128-million pounds per year. The updated pit designs are based on a conservative long-term copper price of $3.05/lb (previously $2.75/lb), and incorporate material that was previously classified as resources,” said senior VP Richard Tremblay.
McDonald concluded that, with near-term growth plans in Arizona, and longer-term development projects in British Columbia, Taseko was well-positioned to build a North America-based midtier copper producer.
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