VANCOUVER, Jan. 7, 2013 /PRNewswire/ - Taseko (TSX: TKO; NYSE MKT: TGB) (the "Company") announces 2012 fourth quarter total sales of 23.4 million pounds of copper and 215,000 pounds of molybdenum at its 75% owned Gibraltar Mine. For the full year of 2012, sales were 88.0 million pounds of copper and 1.3 million pounds of molybdenum.
Total production for the quarter was 21.4 million pounds of copper and 223,000 pounds of molybdenum. For 2012, total production was 89.8 million pounds of copper and 1.3 million pounds of molybdenum.
Taseko's 75% share of fourth quarter sales was 17.6 million pounds of copper and 161,000 pounds of molybdenum which compares to 16.1 million and 209,000 pounds in the third quarter.
Mill throughput of 8.5 million tons in the second half of 2012 was mainly affected by downtime associated with GDP3 construction activities and tie-ins. This resulted in average mill availability of 88% for the period, compared to a normalized level of 93%.Russell Hallbauer, President and CEO of Taseko, commented, "Taking into account mill availability, the mill continued to operate close to design capacity in the fourth quarter. We expect mill availability to steadily increase with GDP3 construction behind us. As we announced in mid- December, GDP3 commissioning continues to progress as we work towards commercial production by the end of March." Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%) and Cariboo Copper Corp. (25%). All production and sales figures are reported on a 100% basis, unless otherwise noted. Russell Hallbauer President and CEO No regulatory authority has approved or disapproved of the information contained in this news release. CAUTION REGARDING FORWARD-LOOKING INFORMATION This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV