VANCOUVER — Taseko Mines has hedged forward 50% of its targeted copper production from the Gibraltar mine near Williams Lake, BC. From June 2010 to December 2010, Taseko will receive between US$2.50 and US$3.95/lb. The company used a producer put and call option covering 23 million lb of copper.
Taseko will receive the prevailing market copper price while it is within the price range. Should the market price be outside the price range, Taseko will receive a minimum of US$2.50 and a maximum of US$3.95 per pound for the hedged copper. Remaining production from Gibraltar is unhedged.
Taseko recently raised C$180 million by selling 25% of the Gibraltar mine to Sojitz Corp. of Japan. Capacity is being expanded to 30,000 t/d. Details are available at www.TasekoMines.com.