Vancouver’s Taskeo Mines boosts copper production by 50 per cent

Vancouver-based Taseko Mines Limited has increased copper production in the second quarter of 2009 by nearly 50 per cent over the same period last year.

Taseko’s Gibraltar Mine, located in the B.C. interior, produced 19.1 million pounds of copper and 217,000 pounds of molybdenum, the company said in a release. For the first six months of 2009, Gibraltar has produced 39.0 million pounds of copper and 404,000 pounds of molybdenum, representing a 46-per-cent increase in copper production compared to the same period in 2008. The quarterly production figures are in line with annual production guidance of 80 million pounds of copper and 800,000 pounds of molybdenum, the release stated.

Russell Hallbauer, president and CEO of Taseko, said in a statement that the results demonstrate the improved capabilities of Gibraltar’s upgraded concentrator and new mining equipment. “The copper price strengthened during the second quarter, averaging $2.12 US per pound on the London Metals Exchange. Today’s price is over $2.50 US per pound and with our recent mine enhancements, Taseko is well positioned to capitalize on the much improved price environment.”