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COPPER DEVELOPMENT NEWS Taseko, Ledcor Form Gibraltar Joint Venture

BRITISH COLUMBIA The owner of the soon-to-be-reopened Gibraltar copper mine, TASEKO MINES of Vancouver, has signe...


BRITISH COLUMBIA The owner of the soon-to-be-reopened Gibraltar copper mine, TASEKO MINES of Vancouver, has signed a framework agreement to create a joint venture with LEDCOR CMI.

Ledcor will commission and operate the 35,000-tonnes/day mine near Williams Lake in the south-central part of the province. It will assume all mine operating tasks including drilling, blasting, loading, hauling, maintenance, and recruitment of personnel (see www.ledcor.com). Ledcor will also contribute its own mining equipment and either purchase or lease addition equipment including a new shovel and trucks worth over $25 million. The company is at the Gibraltar mine now preparing to begin commissioning for production by Oct. 1, 2004.

Taseko is contributing certain mineral and land usage rights to the existing concentrator and equipment. The company recently signed a long-term concentrate sales contract with GLENCORE of Switzerland. Arrangements with rail carriers and port authorities are also underway.


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