Taseko Mines Ltd. shows gross profit of $51.7 million in 2012

The numbers are in for Taseko Mines Ltd. 2012 showing a gross profit of $51.7 million.

The numbers are in for Taseko Mines Ltd. 2012 showing a gross profit of $51.7 million.

“2012 was a year of major transformation for Taseko,” said Russell Hallbauer, president and chief executive officer of Taseko.

“While mining companies around the world announced asset write-downs, capital expenditure overruns and operating cost inflation, we advanced our business plan of investing in our mining operations and development assets within defined economic constraints.”

Taseko reported in 2012 it had revenues of $253.6 million from the sale of 66 million pounds of copper and one million pounds of molybdenum of which 75 per cent is Taseko’s share.

The total production at Gibraltar Mine northeast of Williams Lake was 89.7 million pounds of copper and 1.3 million pounds of molybdenum.

As well the Gibraltar Development Plan 3 is completed and is now in the commissioning phase.

Vice-president of corporate and community affairs Brian Battison said that means the company will begin to start to test operate the equipment.

“Once all the machines are completed and ready to operate, you begin to turn them on one at a time, and test the different circuits. First they will run water through first a bit at a time in part of the circuit and then through the entire circuit. Then they’ll begin running rock and ore through it to see how that works.”

The commissioning period can be several months for a big industrial complex before it can start to begin at or near specification.

“It’s been a building year. In 2013 we will see the benefit and value of that investment in higher production and lower costs.”

From a community perspective, the investment in Gibraltar represents a significant and sustained commitment to the Cariboo both in dollars and in people, he added.

In 2012, Taseko spent $6.5 million on its New Prosperity Gold-Copper Mine project for engineering, preparing its Environmental Impact Statement, and preparing responses for the panel’s further request for information on the EIS.