Boston, MA 04/10/2014 (wallstreetpr) – Taseko Mines Limited (USA) (NYSEMKT:TGB) mines continue to perform well in terms of production capacity despite the Canadian government blocking the development of its British Columbia project. The project was aimed at increasing the production levels for gold and copper. The company’s total copper sales for the first quarter came in at 40 million pounds with molybdenum contributing 589 thousand pounds from the Gibraltar mine.
Increased Production Levels
Reduction in higher inventory levels with strong production was the main reason behind the increase in copper sales. Total copper production for the first quarter surged by highs of 49% to 34.5 million pounds compared to levels registered for the same period in 2013. Taseko CEO and President pointed out that strong copper sales volumes for the quarter was mainly as a result of successful efforts that were made to move the concentrate from the mine site to the loading site, prior to the end of the quarter.
Severe weather conditions that greatly affected the rail system for carrying deposits seem not to have had a major impact on the company sales volumes. The company going forward has promised to continue operating at minimum inventory levels as a way of maximizing on its costs of operation.
Taseko Recovery Rates Improving
Taseko Mines Limited (USA) (NYSEMKT:TGB)’s CEO also pointed out that copper grade for the quarter was slightly below that of Granite Pit average grade but slightly higher than levels earlier anticipated. The company also enjoyed significant improvements on the recoveries of both copper and molybdenum. Copper recovery for the quarter was up to 88% from lows of 82% registered for the same period in 2013.
The improvement in recovery rates was mainly as a result of the new molybdenum facility that continued to operate exceptionally well. Molybdenum recovery rates for the month of March exceeded design targets coming in at 51% with mil targets also improving to 90% but slightly down by 4% compared to targets.
Taseko Mines Limited (USA) (NYSEMKT:TGB)’s operations teams continue to improve performance of the Gibraltar concentrators something that should have a greater impact on production levels in the coming months. The company’s production facility continues to operate at steady state close to desired margins.
