BRITISH COLUMBIA — Vancouver’s Taseko Mines has developed a new 24-month plan for its open pit Gibraltar copper mine at McLeese Lake. The strip ratio has been significantly reduced as part of the plan to cut operating costs. The result of this and other measures will reduce total cash costs (both on and off site) to US$1.15/lb or lower, says the company.
Taseko has spent $250 million on improvements to the Gibraltar concentrator over the last two years. Now it is reducing manpower and equipment hours as that project nears completion. Annual capacity is 115.0 million lb of copper and 1.2 million lb of molybdenum.
The company issued a private placement of 8.5 million units at a price of $0.70 each to raise $6 million. Each unit consists of one common share and one common share purchase warrant. Visit www.TasekoMines.com for details.