COPPER-MOLYBDENUM: Gibraltar to defer hydro costs

BRITISH COLUMBIA – Taseko Mines of Vancouver expects to take advantage of deferred hydro rates at its Gibraltar copper-molybdenum mine 65 km north of Williams Lake. The five-year program was announced by the provincial government last week, but details of the government plan have not yet been released. It will be administered by BC Hydro. "Electricity is one of Gibraltar's most significant expenses, accounting for nearly 10% of the mine's total operating costs," said Russell Hallbauer, president and CEO of Taseko. "This cost deferral program has the potential to reduce Gibraltar's annual spending by up to $20 million, or roughly $0.15 per pound of copper production, at the current copper price of approximately US$2.10 per pound, effective this month." Photos and videos from Gibraltar are available at TasekoMines.com.