Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canadian miner Taseko Mines expects operating margins of around $200mn in the remainder of the year as copper prices rise and production at its Gibraltar mine improves. 


In 2021, Gibraltar is expected to produce 125mn lbs (56,700mt) of copper concentrate. Construction of its Florence project is underway and will be fully funded with profits from Gibraltar without a joint venture. 


The company’s 75pc owned Gibraltar mine in British Columbia, Canada produced 22.2mn lbs (10,070mt) of copper concentrate in Q1 2021, down by 10.2pc from 32.4mn lbs in Q1 2020, due to lower ore grade recovery. Sales fell by 9pc to 22mn lbs, compared with 31.1mn lbs in the same comparative period. The firm purchased financial instruments to cover 41mn lbs of its copper produce at $3.75/lb for H2 2021. 


Taseko reported Q1 revenue of C$86.7mn ($71.3mn) over C$62mn in the same period last year. Net loss amounted to C$5.5mn, compared with C$26.5mn a year ago. 



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